Bloomberg Livestream - 2022-08-21 00:00:00

Talk to me about attracting talent so do you do you worry about you know some of the bright young minds going to JP Morgan Golman Sax ORG because they pay more would you worry about them going to crypto or Google because it's exciting. Well I think what I have found is that Minds Are as attracted by money as they are and probably more by once the vision what's for challenge what do I learn Is this company doing things that I am proud of Care for the environment. Do we care for the communities? Will I be followed in my career and develops which is why we just launched the university These things especially in the early years DATE Take Lot of space in their decision As they move through Come in and they move through when what thick spaces how do you treat them How do you track their career manage their career? Do you give them opportunity? That's why I think we're very fortunate. I can have A young person from Bosnia GPE who start in the leading back in Bosnia Tour GPE into Germany GPE And then A skill set that has been refined goes back and it's the bank in Bosnia GPE not many groups can do that and I think that's one of the attraction but we have. Would you like most about being chief executive? Trying to make a difference I have been told by many people that no you know this cannot be done or this is difficult this is a little bit my chance to try and do what I think I it's right What I think it's right is usually I get it from talking to people who and if I can make a difference to you in credit and to be 80 1000 CARDINAL people that are there and look back and say yeah I help move it from here to here And I helped What are our principal what we stand for I think that will be a win. Chief executive job came up? Would you be up for it? I love you and create too much. Thank you so much. Thank you, Francine PERSON . You think of cutting edge technology at sea. You might be thinking of stuff like this. But there's an incoming revolution on the high seas that isn't quite as sexy but could be significantly more impactful. Cantina PERSON shipping is the key component of global trait about 80 CARDINAL or 90% PERCENT of all the world's goods that transported sea at some point. But there's a significant unseen cost to the modern era of global commerce. I'm from shipping. Certainly not sound like a lot but that's roughly comparable to the entire COtwo output of Germany GPE . Since reducing trade isn't a likely option what about a technological improvement To help reduce the admissions from these well stocked maritime

And they move through when what thick spaces how do you treat them how do you track their career manage their career do you give them opportunity that's why I think we're very fortunate to touch when you try it I can have A young person from Bosnia GPE who start in the leading back in Bosnia GPE Does a tour into Germany GPE And then Skill PERSON set that has been refined goes back and it's a bank in Bosnia GPE not many groups can do that and I think that's one of the attraction but we have. Would you like most about being chief executive? Trying to make a difference I have been told by many people that no you know this cannot be done or Difficult A little bit my chance to try and do what I think I it's right what I think it's right as usual I get it from talking to people who and if I can make a difference to Uni Credit and to be 80 1000 CARDINAL people that are there and look back and say yeah I help move it from here to here And a helped What are our principal what we stand for? I think that will be a win. Executive job came up. Would you be up for it? I love you and you create too much. Thank you so much. Thank you, Francine PERSON . Think of cutting edge technology at sea. You might be thinking of stuff like this. But there's an incoming revolution on the high seas that isn't quite as sexy but could be significantly more impactful. From Tina Shooping PERSON is the key component of global trade about 80 or 90% PERCENT of all the world's goods that transported sea at some point. But there's a significant unseen cost to the modern era of global commerce. Of all the worlds this huge Three% GPE mean that sound like a lot but that's roughly comparable to the entire COtwo output of Germany GPE . Since reducing trade isn't a likely option what about a technological improvement to help reduce the emissions from these well stocked maritime behemoths? Access the financial world on demand. Here from leading economists Policy makers. And industry experts be alive and on demand webinars. Only from Bloomberg ORG . Start exploring to see what's moving the markets. Visit Bloomberg PERSON . Com webinars. Stocked early enough all these precious materials you were just mentioning and we won the lucky side that our prognosis was spot on in a way forecasting what kind of material we would need and what quantity we would need.

Have been told by many people that no you know this cannot be done or this is difficult. This is a little bit my chance to try and do what I think I it's right. What I think it's right is usually I get it from talking to people who and if I can make a difference to you create and to be 80 1000 CARDINAL people that are there and look back and say yeah I help move it from here to here And a helped What are our principal what we stand for? I think that will be a win. Executive job came up. Would you be up for it? I love you and create too much. I think so much. Thank you, Francine PERSON . When you think of cutting edge technology at sea you might be thinking of stuff like this. But there's an incoming revolution on the high seas that isn't quite as sexy but could be significantly more impactful. From Tina shipping is the key component of global trait about 80 CARDINAL or 90% PERCENT of all the world's goods are transported see at some point. But there's a significant unseen cost to the modern era of global commerce. I'm from shipping. Output of Germany GPE . Since reducing trade isn't a likely option. What about a technological improvement to help reduce the emissions from these well stocked maritime behemoths? Access the financial world on demand. Hear from leading economists Policy makers. And industry experts. Be alive and on demand webinars. Only from Bloomberg ORG . Start exploring to see what's moving the markets. Visit Bloomberg PERSON . Com webinars Stocked early enough all these precious materials you were just mentioning and we won the lucky side that our prognosis was spot on in a way forecasting what kind of material we would need and what quantity we would need. Thank you, Andy PERSON so much for coming down. It's really wonderful to have you here in person. It's my pleasure to be here. Thanks for having us. We actually lived in the same dorm in college. Just a few years DATE apart. So, it's been almost a year since you took From Jeff PERSON CEO of Amazon ORG and it's been a year of first DATE the first ORDINAL stock split since the. Com boom the first ORDINAL vote to Unionizing Amazon ORG Warehouse your first Technology conference. Thank you. I wanna start with a quick report card.

To help reduce the emissions from these well stocked maritime behemoths. Access the financial world on demand. Hear from leading economists Policy makers. And industry experts via live and on demand webinars. Only from Bloomberg ORG . Start exploring to see what's moving the markets. Visit Bloomberg PERSON . Com webinars. Stocked early enough all these precious materials you were just mentioning and we won the lucky side that our prognosis was spot on in a way forecasting what kind of material we would need and what quantity we would need Thank you, Andy PERSON so much for coming down. It's really wonderful to have you here in person. It's my pleasure to be here. Thanks for having us. Just found out we actually lived in the same dorm in college. So it's been almost a year since you took over From Jeff PERSON CEO of Amazon ORG and it's been a year of first DATE the first ORDINAL stock split since the. Com boom the first ORDINAL vote to unionize in Amazon ORG warehouse your first Technology conference. Thank you. I wanna start with a quick report card. In February 2021 DATE Jeff Bezos PERSON shocked the world by announcing plans to step down as amazon CEO Later he passed the reins to Andy Jassie PERSON his long time top lieutenant the architect of one CARDINAL of the company's biggest Engines ORG , Amazon ORG web services Basils PERSON has stayed on as executive chair leaving Jassie to navigate a critical inflection point in amazon ORG 's history. Does the company manage market turmoil rising inflation and regulatory scrutiny and a push by some warehouse workers to unionize all while keeping customers coming back? On this edition of Bloomberg Studio 100 ORG . Amazon ORG second ORDINAL CEO Andy Jassie PERSON he joined us from our flagship Bloomberg GPE technology summit in San Francisco GPE I'd like you to grade Review ORG of Amazon ORG 's performance And we've got time later to to really dig in but quickly how would you grade Amazon ORG 's performance over the last year Customers DATE . I think we, you know, I'm not sure the right person agreed myself during the year or not but I I'll give you my take. You know, I think with respect to customers, I think we've done a lot of good And I and I think if you look at during the pandemic which really has extended till the early part of this year DATE you know so much of the PPE ORG and food and essential items and people equipping their home offices White from Amazon ORG and and you know to scale the way we needed to remember in 2020 DATE we grew 39 CARDINAL year% over year DATE on a 245 1 billion dollars MONEY revenue run rate I mean it's very

Financial world on demand. Hear from leading economists Policy makers. And industry experts be alive and on demand webinars. Only from Bloomberg ORG . Start exploring to see what's moving the markets. Visit Bloomberg PERSON . Com webinars Stocked earlier enough all these precious materials you were just mentioning and we won the lucky side that our prognosis was spot on in a way forecasting what kind of material we would need and what quantity we would need Thank you, Andy PERSON so much for coming down. It's really wonderful to have you here in person. It's my pleasure to be here. Thanks. So it's been almost a year since you took over From Jeff PERSON our CEO of Amazon ORG and it's been a year of first DATE the first ORDINAL stock split since the. Com boom the first ORDINAL vote to Unionizing Amazon ORG Warehouse your first ORDINAL Bloomberg Thank you. I wanna start with a quick report car. In February 2021 DATE Jeff Bezos PERSON shocked the world by announcing plans to step down as amazon CEO Later. The architect of one CARDINAL of the company's biggest profit Amazon ORG web services. Has stayed on his executive chair leaving Jassie to navigate a critical inflection point in Amazon ORG 's history. How does the company manage market turmoil rising inflation and regulatory scrutiny and a push by some warehouse workers Unionized all while keeping customers coming back. Joining me on this edition of Bloomberg Studio 100 ORG . Amazon ORG second ORDINAL CEO Andy Jassie PERSON he joined us from our flagship Bloomberg GPE technology summit in San Francisco GPE . I'd like you to grade Your view of Amazon ORG 's And we've got time later to to really dig in. But quickly how would you grade Amazon ORG 's performance over the last year DATE with Well, I think we, you know, I'm not sure the right person agreed myself during the year or not but I I'll give you my take. You know, I think with respect to customers, I think we've Lot of good. You know, and I think if you look at during the pandemic which really has extended till the early part of this year DATE , you know, so much as the PPE ORG and food and essential items and people equipping their home offices From Amazon ORG and and you know to scale the way we needed to remember in 2000 DATE We grew 39 CARDINAL year% over year DATE on a 245 1 billion dollars MONEY revenue run rate I mean it's very it's unprecedented Never happened before but it was really hard to do that and we had to take the really big footprint of the filmment center footprint we built the first 25 years DATE of Amazon ORG and double it in 24 months DATE we built out that transportation network in just a couple of years DATE you know we nearly double the size of our workforce during that time and I think you saw it another Businesses, you know, AWS ORG is a really big part of helping And governments have a business continuity during the pandemic and So many companies and organizations in the last year DATE made this strategic decision that they were gonna stop running their own infrastructure technology and disproportionately chose AWS ORG to help them move to the cloud and we spent a lot of time helping them make that transform So, what about investors? I mean, the stock is down significantly from a peak Obviously there's broader market term Yeah, I think, you know, for investors or financially, I'd say it's mixed. You know, I think we have some businesses are growing really strongly. If you look at AWS ORG , you know, in in 2021 DATE through 37 CARDINAL year%, over year, you know, it's not a 74 1 billion dollars MONEY revenue. You run It's pretty unusual growth and we grew 58 CARDINAL

Thank you, Andy PERSON so much for coming down. It's really wonderful to have you here in person. It's my pleasure to be here. Thanks. Lived in the same dorm in college Just a few years DATE apart. So, it's been almost a year since you took over From Jeff PERSON our CEO of Amazon ORG and it's been a year of first DATE the first ORDINAL stock split since the. Com boom the first ORDINAL vote to Unionizing Amazon ORG Warehouse your first ORDINAL Bloomberg Conference. Thank you. I wanna start with a quick report car. In February 2021 DATE Jeff Bezos PERSON shocked the world by announcing plans to step down as amazon CEO The architect of one CARDINAL of the company's biggest profit engines amazon web services Basils PERSON has stayed on as executive chair leaving Jassie to navigate a critical inflection point in Amazon ORG 's history. How does the company manage market Rising inflation and regulatory scrutiny and a push by some warehouse workers to unionize all while keeping customers coming back Me PERSON on this edition of Bloomberg Studio 100 ORG . Amazon ORG second ORDINAL CEO Andy Jassie PERSON he joined us from our flagship Bloomberg GPE technology summit in San Francisco GPE I'd like you to grade Your view of Amazon ORG 's And we've got time later to to really dig in but quickly how would you grade Amazon ORG 's performance over the last year DATE with Worse. Well, I think we, you know, I'm not sure the right person agreed myself during the year or not but I I'll give you my take. You know, I think with respect to customers, I think we've Are good. You know, and I think if you look at during the pandemic which really has extended till the early part of this year DATE , you know, so much as the PPE ORG and food and essential items and people equipping their home offices From Amazon ORG and and you know to scale the way we needed to remember in 2020 DATE we grew 39 CARDINAL year% over year DATE on a 245 1 billion dollars MONEY revenue run rate I mean it's very it's unprecedented Never happened before but it was really hard to do that and we had to take the really big footprint of fulfillment center footprint we built the first 25 years DATE of Amazon ORG and double it in 24 months DATE we built out that transportation network in just a couple years DATE you know we nearly double the size of our workforce during that time and I think you saw it another Businesses, you know, AWS ORG is a really big part of helping And governments have business continuity during the pandemic and So many companies and organizations in the last year DATE made this strategic decision that they were gonna stop running their own infrastructure technology and disproportionately chose AWS ORG to help them move to the cloud and we spent a lot of time helping them make that transform So, what about investors? I mean, the stock is down significantly from a peak Obviously there's broader market term Yeah, I think, you know, for investors or financially, I'd say it's mixed. You know, I think we have some businesses are growing really strongly. If you look at AWS ORG , you know, in in 2021 DATE through 37 CARDINAL year%, over year, you know, it's not a 74 1 billion dollars MONEY revenue run It's pretty unusual growth and we grew 58 CARDINAL year% over year in our advertising business. You know, it's a One 1 billion dollars MONEY revenue run rate business. So, some businesses growing really strongly and you know, we've continued to grow at our retail business despite pretty crazy, comparables during 2020 DATE , but I think the real challenge for us there is on the car side and there have been several things Happened some of which are more controllable than others you know I think the part that's less control is really around inflation and I think we thought that inflation would start to attenuate in 20 CARDINAL To and with the war in Ukraine GPE it just went the other way and has significantly accelerated so the cost of trucking and line hall and ocean and air and fuels to substantially going up I think that will tenuate at some point. No one knows how long that'll take. I think the more controllable areas for us are really around fulfillment center capacity and productivity. It was taking about 24 months DATE to build new fulfillment centers during

In February 2021 DATE Jeff Bezos PERSON shocked the world by announcing plans to step down as amazon CEO Later he passed the rains to Andy Jassie PERSON his long time top lieutenant the architect of one CARDINAL of the company's biggest profit Amazon ORG web services Navigate PERSON a critical inflection point in amazon ORG 's history. Does the company manage market turmoil rising inflation and regulatory scrutiny and a push by some warehouse workers to unionize all while keeping customers coming back? On this edition of Bloombrook Studio ORG 100 CARDINAL . Amazon ORG second ORDINAL CEO Andy Jassie PERSON he joined us from our flagship Bloomberg GPE technology summit in San Francisco GPE I'd like you to grade Review of Amazon's ORG And we've got time later to to really dig in but quickly how would you grade Amazon ORG 's performance over the last year Customers DATE . During the year DATE or not but I I'll give you my take. You know, I think with respect to customers, I think we've A lot of good. You know, and I think if you look at during the pandemic which really has extended till the early part of this year DATE , you know, so much of the PPE ORG and food and essential items and people equipping their home offices were bought from Amazon ORG and and you know, to scale the way we needed to. Remember, in 2000 DATE We grew 39 CARDINAL year% over year DATE on a 245 1 billion dollars MONEY revenue run rate. I mean it's very it's unprecedented. It's never happened before. But it was really hard to do that. And we Take the really big footprint of the film and set our footprint we built the first 25 years DATE of Amazon ORG and double it in 24 months DATE we built out that transportation network and just a couple years you know we nearly double the size of our workforce during that time and I think you saw it another businesses AWS ORG is a really big part of helping Companies and governments have business continuity during the pandemic and So many companies in organizations in the last year DATE made the strategic decision that they were gonna stop running their own infrastructure technology and disproportionately chose AWS ORG to help them move to the cloud and we've spent a lot of time helping them make that transform So, what about investors? I mean, the stock is down significantly from a peak Last year DATE obviously there's broader market term Yeah, I think, you know, for investors or financially, I'd say it's mixed. You know, I think we have some businesses are growing really strongly. If you look at AWS ORG , you know, in in 2021 DATE through 37 CARDINAL year%, over year, you know, it's not a 74 CARDINAL bill Runway ORG business. It's pretty unusual growth and we grew 58 CARDINAL year% over year and our advertising business. You know, it's a 30 One 1 billion dollars MONEY revenue runway business. So, some businesses going really strongly and you know, we've continued to grow at our retail business despite pretty crazy, comparables during 2020 DATE , but I think the real challenge for us there is on the cause side and there have been several things Happen. Some of which are more controllable than others. You know, I think the part that's less control was really around inflation and I think we thought that inflation would start to attenu In 2022 DATE . And with the war in Ukraine GPE , it just went the other way. It has significantly accelerated so the cost of trucking and line hall and ocean and air and fuel is just substantially going up. I think that will turn you into some point. No one knows how long that'll take. I think the more controllable areas for us are really around fulfillment center capacity and productivity. It was taken about 24 months DATE to build new fulfillment centers during the pandemic It's a weird to make decisions you know I made 2020 DATE in early 2021 DATE on how much demand we're gonna plan for and so you know we we end up with more capacity than we need right now and and there's a number of things that we're working on We've stopped building on properties where we don't need it yet and we've let a number of leases labs and not a small number, you know, both those things. We've had a lot of occasions in Where we've worked on productivity, made improvements, and we have a lot of clearly defined issues and I'm confident we're gonna get back to the right level of profitability. You are gonna sublease 30 1 million square feet QUANTITY of space. Is there a mistake in the ex Because of the horrible thing because you have to make these decisions.

You know to scale the way we needed to remember in 2020 DATE we grew 39 CARDINAL year% over year DATE on a 245 1 billion dollars MONEY revenue run rate I mean it's very it's unprecedented Never happened before but it was really hard to do that and we had to take the really big footprint of the film and set our footprint. We built the first 25 years DATE of Amazon ORG and double it in 24 months DATE . We built out that transportation network in just a couple years DATE . You know we nearly double the size of our workforce during that time and I think you saw it another Businesses, you know, AWS ORG is a really big part of helping And governments have business continuity during the pandemic and So many companies and organizations in the last year DATE made this strategic decision that they were gonna stop running their own infrastructure technology and disproportionately chose AWS ORG to help them move to the cloud and we spent a lot of time helping them make that transform So, what about investors? I mean, the stock is down significantly from a peak Last year DATE obviously there's broader market term Yeah, I think, you know, for investors or financially, I'd say it's mixed. You know, I think we have some businesses are growing really strongly. If you look at AWS ORG , you know, in in 2021 DATE through 37 CARDINAL year%, over year, you know, it's not a 74 1 billion dollars MONEY revenue Business. It's pretty unusual growth and we grew 58 CARDINAL year% over year and our advertising business, you know, it's a One 1 billion dollars MONEY revenue run rate business. So, some businesses growing really strongly and you know, we've continued to grow at our retail business despite pretty crazy, comparables during 2020 DATE , but I think the real challenge for us there is on the car side and there have been several things that have And some of which are more controllable than others. You know, I think the part that's less control was really around inflation and I think we thought that inflation would start to attenuate 2022 DATE . And with the war in Ukraine GPE , it just went the other way. It has significantly accelerated. So the cost of trucking and line hall and ocean and air and fuels to substantially gone up. I think that will tenuate at some point. No one knows how long that'll take. I think the more controllable areas for us are really around fulfillment center capacity and productivity. It was taken about 24 months DATE to build new fulfillment centers during the pandemic And so we're to make decisions you know I made 2020 DATE in early 2021 DATE on how much demand we're gonna plan for and so you know we we end up with more capacity than we need right now and and there's a number of things that we're working on We've stopped building on properties where we don't need it yet and we've let a number of leases labs and not a small number, you know, of both those things. We've had a lot of occasions in our history We've worked on productivity, made improvements, and we have a lot of clearly definitions and I'm confident we're gonna get back to the right level of profitability. You are gonna sublize 30 1 million square feet QUANTITY of space. Is there a mistake in the ex Because of the overbuilding. To make these decisions 2 years DATE in advance If you put yourself back in 2020 DATE where we were going 39% PERCENT your year DATE on a 245 1 billion dollars MONEY revenue run rate It's very hard to know what's the right amount to build and you have to make a decision and we made the decision to air on the side of our consumers and sellers. Now, how would you grade amazon ORG 's performance with employees, your colleagues, there has been some high profi Yeah I I think that And when I started in this gig we had just create a new leadership principle to strive to be earth's best employer and I think we're you know we spend a lot of time trying to think through what that really means is broad and I think we've made a fair bit of progress but it's still early in my But I still think there are many areas that we can keep improving. You know, and I think you know, the first one I I'd mention is safety. You know, I think that you know, in our fulfillment centers, that is the top priority, and you know, when you get into the details, the numbers and outside of all the spin of it Average there but we're not trying to be average. You know, we wanna be the best in the industry and the best in the world at it and that's a high priority and and an area that I'm passionate about and the team is passionate about and I think we have a lot of work we can do to make our employees everyday lives easier. We are, we've identified kind of a top 100 CARDINAL list Of areas that we can be better at that we are just metronomically stepping through and so we made a lot of progress but we have a lot of work to do still. Ela must just came out saying he has a super bad feeling about the economy. Slaying on.

You know in in 2021 DATE grew 37 CARDINAL year% over year and it's not a 74 1 billion dollars MONEY revenue run rate business it's pretty unusual growth and we grew 58 CARDINAL year% over year and our advertising business you know it's Two 1 billion dollars MONEY revenue runway business. So, some businesses growing really strongly and you know, we've continued to grow at our retail business despite pretty crazy, comparables during 2020 DATE , but I think the real challenge for us there is on the car side and there have been several Have happened. Some of which are more controllable than others. You know, I think the part that's less control is really around inflation and I think we thought that inflation would start to Anyway in 2022 DATE and with the war in Ukraine GPE it just went the other way and has significantly accelerated so the cost of trucking and line hall and ocean and air and fuel is just substantially going up and I think that will tenuated some point no one knows how long that'll take I think the more controllable areas for us are really Hour and fulfillment center capacity and productivity. It was taken about 24 months DATE to build new fulfillment centers during the pandemic and so we had to make decisions, you know, mid 2020 DATE in early 2021 DATE on how much demand we're gonna plan for. And so, you know, we we end up with more capacity than we need And and there's a number of things that we're working on. We we've stopped building on properties where we don't need it yet and we've let a number of leases, labs, and not a small number, you know, both those things. We've had a lot of occasions in our history where we've worked Productivity made improvements and we have a lot of clearly define issues and I'm confident we're get back to the right level of profitability. You are gonna sublieze 30 1 million square feet QUANTITY of space. Is there a mistake in the ex Because of the horrible thing Have to make these decisions 2 years DATE in advance and again if you put yourself back in 2020 DATE where we were going 39% PERCENT your year DATE on a 245 1 billion dollars MONEY revenue run rate It's very hard to know what's the right amount to build and you have to make a decision. We made the decision to air on the side of our consumers and sellers. Now, how would you grade amazon ORG 's performance with employees, your colleagues, there has been some high profi Yeah I I think that And when I started in this gig we had just create a new leadership principle described to be earth's best employer and I think we're you know we spend a lot of time trying to think through what that really means is broad and I think we've made a fair bit of progress but it's still early in my opinion. But I still think there are many areas that we can keep improving. You know, and I think you know, the first one I I'd mention is safety. You know, I think that you know, in our fulfillment centers, that is the top priority and you know, when you get into the details, the numbers and outside of all the spin of it all. You know, About average there but we're not trying to be average. You know, we wanna be the best in the industry and the best in the world at it and that's a high priority and an area that I'm passionate about and the team is passionate about and I think we have a lot of work we can do to make our employees everyday lives easier. We have, we've notified kind of a top 100 CARDINAL list of Of areas that we can be better at that we are just metronomically stepping through and so we've made a lot of progress but we've a lot of work to do still. Ela must just came out saying he has a super bad feeling about the economy. Slow laying off 10% PERCENT of his stuff Jamie Diamond PERSON says he's preparing for an economic hurricane the World Bank ORG just slashed it's forecast for global growth How do you feel about the economic climate I wasn't planning on giving any guidance to the guy. But super bad or super super bad. I think there's some things released to Amazon ORG that are useful to remember. You know, I I think the first piece is remember that 85% PERCENT of the of the worldwide retail market segment share is offline And if you believe that that equation's gonna flip at some point, which we do, I think it will it will flip over a long period of time. If you look at different downturns, you know, should we have one at some point? We've been through a few, obviously, in 25 years DATE that Amazon Customers ORG change their habits and so, you know, I also think there's, you know, those two CARDINAL reasons, those two CARDINAL factors give me some optimism that even if we've a downturn that we have the potential to still grow. We have a road map that's, you know, to probably.

I think the more controllable areas for us are really around fulfillment center capacity and productivity it was taken about 24 months DATE to build new fulfillment centers during the pandemic And so we're to make decisions you know I made 2020 DATE in early 2021 DATE on how much demand we're gonna plan for and so you know we we end up with more capacity than we need right now and and there's a number of things that we're working on We've stopped building our properties where we don't need it yet and we've let a number of leases lapse and not a small number, you know, both those things. We've had a lot of occasions Where we work on productivity, made improvements, and we have a lot of clearly to find initiatives and I'm confident we're gonna get back to the right level profitability. You are gonna sublease 30 1 million square feet QUANTITY of space. Is there a mistake in the Because of the horrible You have to make these decisions 2 years DATE in advance and again if you put yourself back in 2020 DATE where we were going 39% PERCENT your year DATE at a 245 1 billion dollars MONEY revenue run rate It's very hard to know what's the right amount to build and you have to make a decision and we made the decision to air on the side of our consumers and sellers. Now, how would you grade Amazon ORG 's performance with employees, your colleagues, their husbands, some high pro Yeah I I think that And when I started in this gig we had just create a new leadership principle to strive to be earth's best employer and I think we're you know we spend a lot of time trying to think through what that really means is broad and I think we've made a fair bit of progress but it's still early in my But I still think there are many areas that we can keep improving. You know, and I think Yo PERSON , the first ORDINAL one I I mentioned is safety. You know, I I think that you know, in our fulfillment centers, that is the top priority and you know, when you get into the details, the number is an outside of all the spin of it all. You know, we're Average there but we're not trying to be average. You know, we wanna be the best in the industry and the best in the world at it and that's a high priority and an area that I'm passionate about and the team is passionate about and I think we have a lot of work we can do to make our employees everyday lives easier. We have, we've identified kind of a top 100 CARDINAL list of Areas that we can be better at that we are just metronomically stepping through and so we made a lot of progress but we have a lot of work to do still. Ela must just came out saying he has a super bad feeling about the economy. Tesla laying off 10% PERCENT of his Jamie Diamond PERSON says he's preparing for an economic hurricane. The World Bank ORG just slashed its forecast for global growth. How do you feel about the economic climate I wasn't planning on giving any guidance to the guy. But super bad or super super bad. I think there's some things that are released to Amazon ORG that are useful to remember. You know, I I think the first piece is remember that 85% PERCENT of the of the worldwide retail market segment share is offline. And if you believe that that equation's gonna flip at some point, which we do, I think it will it will flip over a long period of time. If you look at different downturns, you know, should we have one at some point? We've been through a few, obviously, in the 25 years DATE At Amazon ORG . Customers changed their habits and so you know I also think there's you know those two CARDINAL reasons those two CARDINAL factors give me some optimism that even if we have a downturn that we have the potential to still grow up we have a road map that's you know Probably 3 to 5 years DATE long and we're gonna continue to invent Continue GPE to be in surgeon and we have a lot of work to do to get to where we think we ultimately can get for customers. No, when it comes to the stock as I mentioned, it has fallen significantly. Do you think investors are missing Thing or has tech just been overvalued and this also course matters to employees who are Paid ORG in stock. You know, look, I've haven't been in Amazon ORG for 25 years DATE . I arrived at the company 3 weeks DATE before we went public I have never tried to predict what the stocks gonna do in anytime I've tried to a little bit I've been wrong so you know I think it's it's pretty hard to Hard to predict what's gonna be in any short period of time. I do really believe that Benjamin PERSON , you know, that Benjamin Graham Maxim PERSON that in the short term, the stock market tends to be a voting machine in the long term.

Level profitability. You are gonna sublease 30 1 million square feet QUANTITY of space. Is there a mistake in the execution Because of the overbuilding. Make these decisions 2 years DATE in advance and again if you put yourself back in 2020 DATE where we were going 39 CARDINAL year% over year DATE on a 245 1 billion dollars MONEY revenue run rate It's very hard to know what's the right amount to build and you have to make a decision and we made the decision to air on the side of our consumers and sellers. Now, how would you grade Amazon ORG 's performance with employees, your colleagues, their husbands, some high pro Yeah I I think that And when I started in this gig we had just create a new leadership principle to strive to be earth's best employer and I think we're you know we spend a lot of time trying to think through what that really means is broad and I think we've made a fair bit of progress but it's still early in my opinion. But I still think Many areas that we can keep improving. You know, and I think Yo PERSON the first one I I mentioned is safety you know I I think that you know in our fulfillment centers that is the top priority and you know when you get into the details the numbers and outside of all the spin of it all you know we're Average there but we're not trying to be average. You know, we wanna be the best in the industry and the best in the world at it and that's a high priority and and an area that I'm passionate about and the team is passionate about and I think we have a lot of work we can do to make our employees everyday lives easier. We are we've notified kind of a top 100 CARDINAL list of Areas that we can be better at that we're just metronomically stepping through and so we've made a lot of progress but we've a lot of work just still. Ela must just came out saying he has a super bad feeling about the economy. Tesla laying off 10% PERCENT of his staff Jamie Diamond PERSON says he's preparing for an economic hurricane. The World Bank ORG just slashed its forecast for global growth. How do you feel about the economic climate I wasn't planning on giving any guidance to the guy. But super bad or super super bad. I think there's some things that are released to Amazon ORG that are useful to remember. You know, I I think the first piece is remember that 85% PERCENT of the of the worldwide retail market segment share is offline. And if you That that equation's gonna flip at some point which we do. I think it will flip over a long period of time. If you look at different downturns, you know, should we have one at some point? We've been through a few obviously in the 25 years DATE that Customers ORG changed their habits and so, you know, I also think there's, you know, those two CARDINAL reasons, those two CARDINAL factors give me some optimism that even if we have a downturn that we have the potential to still grow. We have a road map that's, you know, Probably 3 to 5 years DATE long and we're gonna continue to invent. We're You need to be in surgeon and we have a lot of work to do to get to where we think we ultimately can get for customers. No, when it comes to the stock as I mentioned, it has fallen significantly. Do you think investors are missing Thing or has text just been over valued and this also course matters to employees who are Paid ORG in stock. You know, look, I've haven't been in Amazon ORG for 25 years DATE . I arrived at the company 3 weeks DATE before we went public I have never tried to predict what the stocks gonna do and anytime I've tried to a little bit I've been wrong so you know I think it's it's pretty hard to Hard to predict what's gonna be in any short period of time. I do really believe that Benjamin PERSON , you know, that Benjamin Graham Max PERSON and that in the short term, the stock market tends to be a voting machine in the long term. It tends to be a weighing machine. I think if you, you know, we've been through a lot of points 25 years DATE to be at Amazon ORG The macro factors are off and Stocks are down. Our stock is down. You can't really control that. You know, we have a concept we talk about a lot of Amazon ORG , You know in the ultimate output for a company share price you know and then other big outputs of free cash flow or profit or revenue you can't Manage the outputs you have to manage at the input level and that's where we spend all our time and so if you do the right things for the business long term things tend to work out I think we've had very good returns for investors.

Metronomically stepping through and so we made a lot of progress but we have a lot of work to do still. Ela must just came out saying he has a super bad feeling about the economy. Tesla laying off 10% PERCENT of his staff Jamie Diamond PERSON says he's preparing for an economic hurricane the World Bank ORG just slashed it's forecast for global growth How do you feel about the economic climate I wasn't planning on giving any guidance Please Super ORG bad or super super bad. I think there's some things that are released to Amazon ORG that are useful to remember. You know, I I think the first piece is remember that 85% PERCENT of the of the worldwide retail market segment share is offline. And if you believe that that equation's gonna flip at some point, which we do, I think it will it will flip over a long period of time. If you look at different downturns, you know, should we have one at some point? We've been through a few obviously in the 25 years DATE that I've Customers changed their habits and so you know I also think there's you know those two CARDINAL reasons those two CARDINAL factors give me some optimism that even if we have a downturn that we have the potential to still grow we have a road map that's you know Probably 3 to 5 years DATE long and we're gonna continue to invent. We're Continue to be in surgeon and we have a lot of work to do to get to where we think we ultimately can get for customers. No, when it comes to the stock as I mentioned, it has fallen significantly. Do you think investors are missing Thing or has tech just been overvalued and this also course matters to employees who are Paid ORG in stock. You know, look, I've haven't been in Amazon ORG for 25 years DATE . I arrived at the company 3 weeks DATE before we went public I have never tried to predict what the stocks gonna do in anytime I've tried to a little bit I've been wrong so you know I think it's a pretty hard Hard to predict what's gonna be in any short period of time. I do really believe that Benjamin PERSON , you know, that Benjamin Graham Maxim PERSON that in the short term, the stock market tends to be a voting machine in the long term. It tends to be a weighing machine. I think if you, you know, we've been A lot of points in 25 years DATE at Amazon ORG The macro factors are off and Stocks are down. Our stock is down. You can't really control that. You know, we have a concept we talked about a lot at Amazon ORG . You know, in the ultimate output for a company, a share price, you know, and then other big outputs or free cash flow or profit or revenue. You can't Manage the outputs you have to manage at the input level and that's where we spend all our time and so if you do the right things for the business long term things tend to work out I think we've had very good returns for investors and I expect that we true again. Do you see amazon strategy as fundamentally different from Netflix GPE in Disney and if so how? People ask me all the time what is the key to being a really good investor I tell them it's the surround yourself with Work with the best investors you can find. On Bloomberg Wealth PERSON , I'm gonna take you to meet the greatest ambassadors in the world. The people that I would like to have managing my money. At the start of the internet revolution I kicked up a lot of controversy declaring that the internet had been under hyped. I say the same thing today DATE about the climate revolution. Hey Important and I think we've moved from this attitude from it's an indulgence a waste of time almost an illness that needs a cure for something As universally important to human life as sleep mysteries surrounding its necessity and utility have only just been recently uncovered. Some of our biggest discoveries were in the 1970 DATE 's or 1980 DATE 's and so it makes it a really exciting field because it seems as though we're uncovering new insights each and every day. Some scientists are going further to find out how sleep and what happens there can be harness to further expand our understanding It's easy to memorize that makes you smart if you can When and how and why to use that information And that's what you bring.

We have the potential to still grow. We have a road map that's, you know, probably 3 to 5 years DATE long and we're gonna continue to invent. We're gonna continue to be in surgeon and we have a lot of work to do to get to where we think we ultimately can get for customers. Now, when it comes to the stock as I mentioned, it has Significantly NORP . Do you think investors are missing something or has tech just been overvalued? And it's also of course matters to employees who are Paid ORG in stock. You know, look, I've haven't been in Amazon ORG for 25 years DATE . I arrived at the company 3 weeks DATE before we went public. I have never tried to predict what the stocks gonna do in anytime I've tried to a little bit. I've been wrong. So, you know, I think it's it's pretty hard to Pretty hard to predict what's gonna be in any short period of time. I do really believe that Benjamin, Benjamin Graham ORG , Maxim PERSON , that in the short term, the stock market tends to be a voting machine in the long term intense to be a weighing machine. I think if you, you know, we Through a lot of points Years DATE to be and Amazon ORG The macro factors are off and Stocks are down. Our stock is down but you can't really control that. You know, we have a concept. We talked about a lot of Amazon ORG . Words and outputs you know in the ultimate output for a company a share price you know and then other big outputs or free cash flow or profit or revenue you can't Manage the outputs. You have to manage it. The input level. And that's where we spend all our time and so if you do the right things for the business long term, things tend to work out. I think we've had very good returns for investors and I expect that to be true again. Do you see amazon strategy as fundamentally different from Netflix GPE in Disney and if so how People ask me all the time what is the key to being a really good investor I tell them it's the surround yourself with and work with the best investors you can find On Bloomberg Wealth I'm gonna take you to meet the greatest ambassadors in the world the people that I would like to have managing my money at the start of the internet revolution I kicked up a lot of controversy declaring that the internet had been under hyped. I say the same thing today DATE about the climate revolution. Hey guys crucially important and I think we've moved from this attitude from it's an indulgence a waste of time almost an illness that needs a cure. For something as universally important to human life as Mystery LOC surrounding its necessity and utility have only just been recently uncovered Some of our biggest discoveries were in the 1970 DATE 's or 1980 DATE 's and so it makes it a really exciting feel because it seems as though we're uncovering new insights each and every day. Some scientists are going further to find out how sleep and what happened there can be harnessed to further expand our understanding It's easy to memorize that makes you smart if you can Act a lot of facts but if you wanna be wise you really want wisdom you gotta know when and how and why to use that information Should you bring figures out while you're sleeping? What are the moonshots at Amazon ORG that are capturing most of your time and attention? What is gonna define the next era of Amazon ORG ? I mean, is it is Astro PERSON the home roll better is it something else Well you know we have a unique way that we look at big new investments and I'm not sure it's right or wrong it just happens to be our way and we ask ourselves when we're considering something four CARDINAL questions we we ask If it's successful can it be big and move the needle in Amazon ORG is it being well served today DATE Do we have a differentiated approach Do we have carpets there if not can we acquire quickly if we like the answer those questions we'll go pursue it with a single thread team that isn't distracted by the rest of the business and sometimes that leads to innovation investments that seem pretty obvious like you know when I got to that company was Only retailer and then we expanded to music and video electronics and the obvious people. Other times that process does not lead to investments to seem obvious to people. I mean, AWS ORG was something

Who really believe that Benjamin it had Benjamin Graham Maxim PERSON that in the short term the stock market tends to be a voting machine in the long term it tends to be a weighing machine I think if you you know we've been through a lot of points 25 years DATE to be at Amazon ORG The macro factors are off and Stocks are down. Our stock is down. You can't really control that. You know, we have a concept we talked about a lot at Amazon ORG . And outputs you know in the ultimate output for a company a share price you know and then other big outputs or free cash flow or profit or revenue you can't Manage the outputs you have to manage at the input level and that's where we spend all our time and so if you do the right things for the business long term things tend to work out I think we've had very good returns for investors and I expect that to be true Do you see amazon strategy as fundamentally different from Netflix GPE in Disney and if so how People ask me all the time what is the key to being a really good investor I tell them it's the surround yourself with and work with the best investors The people that I would like to have managing my money that the start of the internet revolution I picked up a lot of controversy declaring that the internet had been under hyped. I say the same thing today DATE about the climate revolution. Hey Facebook crucially important and I think we've moved from this attitude from it's an indulgence a waste of time almost an illness that needs cure. Universally important to human life asleep mystery surrounding its necessity and utility have only just been recently uncovered Some of our biggest discoveries were in the 1970 DATE 's or 1980 DATE 's and so it makes it a really exciting field because it seems as though we're uncovering new insights each and every day. Some scientists are going further to find out how sleep and what happened there can be harness to further expand our It's easy to memorize that makes you smart. It can spit back a lot of facts. But if you wanna be wise, if you really want wisdom, you gotta know when and how and why to use that information. And that's what your brain figures out while you're sleeping. What are the moonshots at Amazon ORG that are capturing most of your time and attention? What is gonna define the next era of Amazon ORG ? I mean, is it is Astro PERSON the home robot is it something else Well you know we have a unique way that we look at Big new investments and I'm not sure it's right or wrong. It just happens to be our way. And we ask ourselves when we're considering something. Four CARDINAL questions. We we ask If it's successful it can be big and move the needle in Amazon ORG is it being well served today DATE Do we have a differentiated approach Do we have confidence there if not can we acquire quickly if we like the answer to those questions we'll go pursue it with a single thread team that isn't distracted by the rest of the business and sometimes that leads to innovation investments that seem pretty obvious like you know when I got to that company was Only retailer and then we expanded to music and video electronics and obvious people. Other times that process does not lead to investments to seem obvious to people. I mean, AWS ORG was something that people externally and internally thought was a little bit nutty at the time Just imagine what Amazon ORG would be today DATE without AWS and and I think that you see the same thing here you know the there are so many significant investments from making that I'm excited about I'm gonna have to constrain myself to a few but yeah I've I'm really excited about what we're doing in the prime video space I think Clearly on the right track there and building a significant business. That's interesting because Netflix PERSON also just announced some layoffs. Yeah. First ORDINAL subscriber loss in a decade DATE . Disney cutting back on costs. Do you see amazon strategy as fundamentally different Netflix GPE in Disney and if so how? Well, I know we're very bullish on it and remember we all the all the miles are a little bit different but for prime video, we have 200 1 million MONEY plus prime subscribers.

Manage at the input level and that's where we spend all our time and so if you do the right things for the business long term things tend to work out I think we've had very good returns for investors and I expect that to be true Do you see amazon strategy as fundamentally different from Netflix GPE in Disney and if so how People ask me all the time what is the key to being a really good investor I tell them it's the surround yourself with and work with The best investors you can find from Bloomberg Wealth PERSON I'm gonna take you to meet the greatest investors in the world the people that I would like to have managing my money that the start of the internet revolution I kicked up a lot of controversy declaring that the internet had been under hyped. I say the same thing today DATE about the climate revolution. Hey guys crucially important and I think we've moved from this attitude from it's an indulgence a waste of time almost an illness that needs a cure. For something as universally important to human life as Mystery LOC surrounding its necessity and utility have only just been recently uncovered Some of our biggest discoveries were in the 1970 DATE 's or 1980 DATE 's and so it makes it a really exciting feel because it seems as though we're uncovering new insights each and every day. Some scientists are going further to find out how sleep and what happened there can be harness to further expand our understanding It's easy to memorize that makes you smart if you can Act a lot of fact but if you wanna be wise you really want wisdom you gotta know when and how and why to use that information Should you bring figures out while you're sleeping? What are the moonshots at Amazon ORG that are capturing most of your time and attention? What is gonna define the next era of Amazon ORG ? I mean, is it Astro GPE the home robot or is it something else? Well you know we have a unique way that we look at big new investments and I'm not sure it's right or wrong it just happens to be our way and we ask ourselves when we're considering something four CARDINAL questions we we ask If it's successful can it be big and move the needle in Amazon ORG is it being well served today DATE Do we have a differentiated approach Do we have carpets there if not can we acquire quickly if we like the answer those questions we'll go pursue it with a single thread team that isn't distracted by the rest of the business and sometimes that leads to innovation investments that seem pretty obvious like you know when I got to the company was Only retailer and then we expanded to music and video electronics and obvious people. Other times that process does not lead to investments to seem obvious to people. I mean AWS ORG was something that people externally and internally thought was a little bit nutty at the time. But just And what Amazon ORG would be today DATE without AWS and and I think that you see the same thing here you know the there are so many significant investments we're making that I'm excited about I'm gonna have to constrain myself to a few but yeah I've I'm really excited about what we're doing in the prime video space I think Clearly on the right track there and building a significant business. That's interesting because Netflix PERSON also just announced some layoffs. Yeah. First ORDINAL subscriber loss in a decade DATE . Disney cutting back on costs. Do you see Amazon ORG strategy as fundamentally different Netflix GPE and Disney and if so how? Well, I know we're very bullish on it and remember we all the all the miles are a little bit different but for prime video, we have 200 1 million MONEY plus prime subscribers who are, you know, get that entertainment for free by being Of prime and and so we've a little bit different pricing model than some of the others but I I'm incredibly encouraged by what we have coming if you if you look at me we launched the show reacher earlier in the year DATE was a huge hit we you know we had Hazel PERSON season we we just launched the boys season which is are you a big boys fan? Is Amazon Vott ORG ? It's very good. Of course we've go to the rings coming up you know in Thursday DATE at football. So, I'm very bullish about it. We also, We're excited about what we've done with MGM ORG you know I think some of the assets they're

Hey When and how and why to use that information? And that's what your brain figures out while you're sleeping. What are the moon shots at Amazon ORG that are capturing most of your time and attention? What is gonna define the next era of Amazon ORG ? I mean, is it is Astro PERSON the home robot is it something else Well you know we have a unique way that we look at Big new investments and I'm not sure it's right or wrong. It just happens to be our way. And we ask ourselves when we're considering something. Four CARDINAL questions. We we ask If it's successful it can be big and move the needle in Amazon ORG is it being well served today DATE Do we have a differentiated approach Do we have confidence there? If not, can we acquire quickly? If we like the answer to those questions, we'll go pursue it with a single thread team that isn't distracted by the rest of the business and sometimes that leads to innovation, investments that seem pretty obvious like, you know, when I got to that company was Only retailer and then we expanded to music and video electronics and the obvious people. Other times that process does not lead to investments to seem obvious to people. I mean, AWS ORG was something that people externally and internally thought was a little bit nutty at the time but just Imagine ORG what Amazon ORG would be today DATE without AWS and and I think that you see the same thing here you know the there are so many significant investments from making that I'm excited about I'm gonna have to constrain myself to a few but yeah I've I'm really excited about what we're doing in the prime video space I think Clearly on the right track there and building a significant business. That's interesting because Netflix PERSON also just announced some layoffs. Yeah. First ORDINAL subscriber loss in a decade DATE . Disney cutting back on costs. Do you see amazon strategy as fundamentally different Netflix GPE in Disney and if so how? Very bullish on it and remember we all the all the miles are a little bit different but for prime video we have 200 1 million MONEY plus prime subscribers who are you know get that entertainment for free by Of prime and and so we have a little bit different pricing model than some of the others but I I'm incredibly encouraged but what we have coming if you if you look at me we launched the show Reacher earlier in the year DATE was a huge hit we you know with Nasal season we we just launched the boys season which is are you a big boys fan Voicemail. Very good. Of course, we have go to the rings coming up, you know, in Or Thursday DATE at football. So, I'm very bullish about it. We also, you know, we're excited about what we've done with MGM ORG . You know, I think some of the assets there will go very well with the rest of what we Entertainment wise. So, if you look at Warner Brothers Discovery ORG in Paramount Stars in Global. They're building really significant subscription businesses. So, I'm very bullish about that business. I'm optimistic that we have a chance to build a significant Three CARDINAL business which is you know early stages for us I I'm excited about Kyper FAC which is our low earth orbit satellite that we're building. You gotta remember there are 300 to QUANTITY 400 1 million QUANTITY people in the world who have limited to know internet connectivity. I mean, just think about how different World LOC is. When you don't have that type of connectivity and so I think that's a really significant opportunity that has some AWS ORG characteristics to it. I continue to be very optimistic about Alexa ORG . It'll building the world's best personal assistant. You know 200 1 million MONEY Already that are using Alexa ORG we're clearly onto something there and then you are automas driving ride healing Zooks that were building you know here in Bay Area LOC I just think with the way auto consumption is evolving I think that also is a Be really significant business. Now, I don't know if I don't know if all of them are gonna be successful but if anyone of them becomes the fourth ORDINAL pillar for us on top of marketplace and prime and AWS ORG work completely different companies just like we were when AWS Came ORG successful. So, I think they're very worthwhile investments and bets and I'm optimistic about them. You didn't mention Astro Hey Robots PERSON gonna be feeling right It's not really widely available for sale what's No.

To music and video electronics and the obvious people. Other times that process does not lead to investments to seem obvious to people. I mean, AWS ORG was something that people externally and internally thought was a little bit nutty at the time. But just imagine what Amazon ORG would be today DATE without Us GPE and and I think that you see the same thing here you know the there are so many significant investments from making that I'm excited about I'm gonna have to constrain myself to a few but yeah I've I'm really excited about what we're doing in the prime video space I think Clearly on the right track there and building a significant business. That's interesting because Netflix PERSON also just announced some layoffs. Yeah. First ORDINAL subscriber loss in a decade DATE . Disney cutting back on costs. Do you see Amazon ORG strategy as fundamentally different Netflix GPE and Disney and if so how? Well, I know we're very bullish on it and remember we all the all the miles are a little bit different but for prime video, we have 200 1 million MONEY plus prime subscribers who are, you know, get that entertainment for free by Part of a prime and and so we've a little bit different pricing model than some of the others but I I'm incredibly encouraged by what we have coming if you if you look at me we launched the show Richard PERSON earlier in the year DATE was a huge hit we you know we Mazels season we we just launched new boy season which is are you a big boys fan Hey Facebook It's very good. Of course, we've go to the rings coming up, you know, in September DATE In a football. So, I'm very bullish about it. We also, you know, we're excited about what we've done with MGM ORG . You know, I think some of the assets there will go very well with the rest of of what we're doing entertainment wise. So, if you look at Warner Brothers Discovery ORG in Paramount Stars and Global. They're building really Subscription businesses. So, I'm very bullish about that business. I'm optimistic that we have a chance to build a significant grocery business which is, you know, early stages for I I'm excited about Kyper FAC which is our low earth orbit satellite that were building. You gotta remember there are 300 to QUANTITY 400 1 million QUANTITY people in the world who have limited to know internet connectivity. I mean, just think about how different World LOC is. When you don't have that type of connectivity and so I think that's a really significant opportunity that has some AWS ORG characteristics to it. I continue to be very optimistic about Alexa ORG . You're building the world's best personal assistant. We have, you know, 200 1 million MONEY So ready that are using Alexa ORG we're clearly onto something there and and then you are our timer is driving ride healing Zooks that were building you know here in Bay Area LOC I just think with the way auto consumption is evolving I think that also is a Be really significant. Now, I don't know if I don't know if all of them are gonna be successful but if anyone of them becomes the fourth ORDINAL pillar for us on top of marketplace and prime and AWS ORG work completely different companies just like we were when AWS Came ORG successful. So, I think they're very worthwhile investments and bets and I'm optimistic about them. You didn't mention Astro Hey alexa Our home robots gonna be feeling right It's not really widely available for sale what's I hope you get one. Okay. Thank you Everyone's very curious about Jeff PERSON 's role these days DATE . What kind of executive chair he really is. He said when he left that he'd focus his attention and energies on initiatives that he really cares about as at Amazon ORG but from the outside it looks like he's Focusing on philanthropy. He's focusing on space. What kind Executive chairman is he What you know Jeff PERSON has always gonna be involved and he has you know Very lucky to have been in Amazon ORG for 25 years DATE . I feel very lucky to have worked directly for Jeff PERSON . For 20 CARDINAL of them. And we have AA really close relationship and have for a long time and I think we share a lot of the same values about customers and how important is the optimize for customers and how high standards they need to be You know given how easy it is for people to switch and the importance of invention and speed and so you know I just feel very lucky to have had the chance to work so closely with them. So is your relationship? I mean he was your only boss Is your relationship Mentally different than it was when you were the head of Every single job you have, the relationship is different. You know, remember, my

Remember we all the all the miles are a little bit different but for prime video we have 200 1 million MONEY plus prime subscribers who are you know get that entertainment for free by being Of prime and and so we have a little bit different pricing model than some of the others but I I'm incredibly encouraged but what we have coming if you if you look at me we launched the show Richard PERSON earlier in the year DATE was a huge hit we you know we had Nasal season we we just launched the boys season which is are you a big boys fan Voicemail. Very good. Of course, we have go to the rings coming up, you know, in Or Thursday DATE at football. So, I'm very bullish about it. We also, you know, we're excited about what we've done with MGM ORG . You know, I think some of the acids there will go very well with the rest of Doing entertainment wise. So, if you look at Warner Brothers Discovery ORG in Paramount Stars in Global, they're building really significant subscription businesses. So, I'm very bullish about that business. I'm optimistic that we have a chance to build Grocery business which is you know, early stages for us. I am excited about Kyper FAC which is our low earth orbit satellite that we're building. You gotta remember there are 300 to QUANTITY 400 1 million QUANTITY people in the world who have limited to know internet connectivity. I mean, just think about how World LOC is. When you don't have that type of connectivity and so I think that's a really significant opportunity that has some AWS ORG characteristics to it. I continue to be very optimistic about Alexa ORG . It'll building the world's best personal assistant. We have it, you know, 200 1 million QUANTITY endpoints already that are using Alexa ORG . We're clearly onto There and then you are our timers driving right healing Zooks that were building you know here in Bay Area LOC I just think with the way auto consumption is evolving I think that also is a Be really significant business. Now, I don't know if I don't know if all of them are gonna be successful but if anyone of them becomes the fourth ORDINAL pillar for us on top of marketplace and prime and AWS ORG work completely different companies just like we were when AWS Came ORG successful. So, I think they're very worthwhile investments and bets and I'm optimistic about them. You didn't mention Astro Hey Robots Where PERSON is it? It's not really widely available for sale. What's I hope you go one. Okay. Thank you. Everyone's very curious about Jeff PERSON 's role. These days DATE , what kind of executive chair he really is. He said when he left that he'd focus his attention and energies on initiatives that he really cares about as at Amazon ORG but from the outside, it looks like he's Focusing on philanthropy. He's focusing on space. What kind Executive chairman is he? Jeff PERSON is always gonna be involved and he has you know I I'm I feel very lucky to have been in Amazon ORG for 25 years DATE I feel very lucky to have worked directly for Jeff PERSON for 20 CARDINAL of them and we have AA really close relationship and have for a long time and I think we share a lot of the same values about customers and how important is the optimize for customers and how high standards they need to be you know given how easy it is for people to switch The importance of invention and speed and so you know, I just feel very lucky to have had the chance to work so closely with him. So, is your relationship? I mean, he was your only boss for Is your relationship To lead different than it was when you were the head of. Yeah. Of course, you know, every single job you have, the relationship is different. You know, remember, it might the first couple years DATE I work for Jeff PERSON . I work is what we call the shadow then, what's really like achieve the staff That was different than when I was starting AWS which was different from when we got AWS going and it was you know a business that was starting to do well and and it's different when I'm in the CEO role but you know the constant has always been that Great relationship and we collaborate really well. Amazon ORG is poised to become the biggest private sector employer in the Second ORDINAL only right now Walmart ORG is is in that spot But Amazon ORG will probably soon surpass it First ORDINAL vote to unionize at an amazon warehouse. I know you've been spending a lot of time at warehouses When you look at someone like Chris Malls PERSON who I think some people look at as this modern day hero who got fired pulled off this union vote what's your message One like him. Your message to

On Thursday DATE night TIME football. So, I'm very bullish about it. We also, you know, we're excited about what we've done with MGM ORG . You know, I think some of the acids there will go very well with the rest of of what we're doing Team of wise. So, if you look at Warner Brothers Discovery ORG in Paramount Stars and Global. They're building really significant subscription businesses. So, I'm very bullish about that business. I'm optimistic that we have a chance to build a significant Three CARDINAL business which is, you know, early stages for us. I I'm excited about Kiper ORG which is our low earth orbit satellite that we're building. You gotta remember there are 300 to QUANTITY 400 1 million QUANTITY people in the world who have limited to know internet connectivity. I mean, just think about how different World LOC is. When you don't have that type of connectivity and so I think that's a really significant opportunity that has some AWS ORG characteristics to it. I continue to be very optimistic about Alexa ORG . You're building the world's best personal assistant. We have it, you know, 200 1 million MONEY That are using Alexa ORG we're clearly onto something there and and then you are our timers driving ride healing Zooks that were building you know here in Bay Area LOC I just think with the way auto consumption is evolving I think that also is a Be really significant visit. Now, I don't know if I don't know if all of them are gonna be successful but if anyone of them becomes the fourth ORDINAL pillar for us on top of marketplace and prime and AWS ORG work completely different companies just like we were when AWS Came ORG successful. So, I think they're very worthwhile investments and bets and I'm optimistic about it. You didn't mention Astro Hey Robots PERSON Yet where is it? Yeah. It's not really widely available for sale. What's I hope you get one. Okay. Thank you Everyone's very curious about Jeff PERSON 's role these days DATE . What kind of executive chair he really is. He said when he left that he'd focus his attention and energies on initiatives that he really cares about as at Amazon ORG but from the outside it looks like he's really Kissing PERSON on philanthropy. He's focusing on space. What kind Executive chairman is he What you know Jeff PERSON has always gonna be involved and he has you know All very lucky to have been in Amazon ORG for 25 years DATE . I feel very lucky to have worked directly for Jeff PERSON . For 20 CARDINAL of them. And we have AA really close relationship and have for a long time and I think we share a lot of the same values about customers and how important is the optimize for customers and how high standards they need to be You know given how easy it is for people to switch and the importance of invention and speed and so you know I just feel very lucky to have had the chance to work so closely with them. So, is your relationship? I mean, he was your only boss Is your relationship Mentally different than it was when you were the head of Every single job you have, the relationship is different. You know, remember, might the first couple years DATE I work for Jeff PERSON , I work is what we call the shadow then, what's really like achieve the staff and That was different than when I was starting AWS which was different from when we got AWS going and it was you know a business that was starting to do well and it's different when I'm in the CEO role but you know the constant has always been that we Relationship LOC and we collaborate really well. Amazon ORG is poised to become the biggest private sector employer. In the world. Second ORDINAL only, right now, Walmart ORG is is in that spot. But Amazon ORG will probably soon surpass it First ORDINAL vote to unionize at an amazon warehouse. I know you've been spending a lot of time at warehouses When you look at someone like Chris Malls PERSON who I think some people look at as this modern day hero who got fired, pulled off this union vote. What's your message to Like him. Your message to the folks who think maybe we should join a union. I know I think that in the first thing to be clear about is that employees get to make that choice where they wanna have a junior or not. They always have had that choice and it continues to be their choice and you know, we happen to think they're better off without a union for a number of reasons. Including the fact that, you know, it's it's much harder when you Union to have a direct relationship with your manager Get things done quickly. So, if you see something on the line that you think could be better for Team or you or your or customers Just go to your manager and say let's change it. You know, there's a whole process in in bureaucracy that you have.

So obviously the power Robots NORP . Where is it? No. It's not really widely available for sale. What's I hope you go one. Okay. Thank you. Everyone's very curious about Jeff PERSON 's role. These days DATE , what kind of executive chair he really is. He said when he left that he'd focus his attention and energies on initiatives that he really cares about as at Amazon ORG but from the outside, it looks like he's Focusing on philanthropy. He's focusing on space. What kind Executive chairman is he? Jeff PERSON is always gonna be involved and he has you know I I'm I feel very lucky to have been in Amazon ORG for 25 years DATE I feel very lucky to have worked directly for Jeff PERSON for 20 CARDINAL of them and we have AA really close relationship and have for a long time and I think we share a lot of same values about customers and how important is to optimize for customers and how high standards they need to be you know given how easy it is for people to switch The importance of invention and speed and so you know I just feel very lucky to have had the chance to work so closely with him. So is your relationship? I mean he was your only boss for 5 years DATE , right? Is your relationship To lead different than it was when you were the head of. Yeah. Of course, you know, every single job you have, the relationship is different. You know, remember, the first couple years DATE I work for Jeff PERSON , I work is what we call the shadow then, what's really like achieve the staff That was different than when I was starting AWS which was different from when we got AWS going and it was you know a business that was starting to do well and and it's different when I'm in the CEO role but you know the constant has always been that we have Relationship LOC and we collaborate really well. Amazon ORG is poised to become the biggest private sector employer in the Right now Walmart ORG is is in that spot But Amazon ORG will probably soon surpass it First ORDINAL vote to unionize at an amazon warehouse. I know you've been spending a lot of time at warehouses When you look at someone like Chris Malls PERSON who I think some people look at as this modern day hero who got fired pulled off this union vote what's your message One like him. Your message to the folks who think maybe we should join a union. I know I think that in the first thing to be clear about is that employees get to make that choice where they wanna have a union or not. They always have had that choice and it continues to be their choice and you know, we happen to think they're better off without a union for a number of reasons. Including the fact that, you know, it's it's much harder when you Union to have a direct relationship with your manager and to get things done quickly. So, if you see something on the line that you think would be better for your your team or you or your or customers, Can't just go to your manager and say, let's change it. You know, there's a whole process in in bureaucracy that you have to Through to be able to do that. You know, and and we get, you know, when there's a union, we're gonna get the feedback filtered by what the union decides is worth bring up weed much rather here from every employee. Whatever is on their mind and so, you know, I think if you wanna continue to have the structure that we've had for all this time. You have to Really competitive benefits and then I think if you look at Amazon ORG 's they're very unusual in this space we champion the $ 15 MONEY minimum wage several years ago DATE The starting salary is now over $ 18 MONEY an hour which you know Is more than double the federal minimum wage. You get full, health insurance, and 401 CARDINAL K, and 20 weeks DATE , up to 20 weeks DATE of parental leave, and if you wanna get a college education, you haven't had one, we've a career choice Program. The website associates be able to do so. That is a very unusual and compelling set of benefits and those were all accomplished without a union. So, you know, I think that we realize that we, you know, we have to continue to work on the relationship with our our employees and we need to You to provide the the right benefits and you know we need to continue to work on safety and and that's our intention. You made a huge mark On Amazon ORG with AWS ORG obviously. What is the mark that you want to make Still.

Fundamentally different than it was when you were the head of Every single job you have, the relationship is different. You know, remember might the first couple years DATE I work for Jeff PERSON , I work is what we call the shadow then what's really like the cheapest staff That was different than when I was starting AWS which was different from when we got AWS going and it was you know a business that was starting to do well and and it's different when I'm in the CEO role but you know the cost and has always been that we have a great Ship and we collaborate really well. Amazon ORG is poised to become the biggest private sector employer in the Second ORDINAL only right now Walmart ORG is is in that spot But Amazon ORG will probably soon surpass it First ORDINAL vote to unionize at an amazon warehouse. I know you've been spending a lot of time at warehouses. When you look at someone like Chris Malls PERSON who I think some people look at as this modern day hero who got fired, pulled off this un ORG What's your message to someone like him? Your message to the folks who think maybe we should join a union. I know, I think that in the first thing to be clear about is that employees get to make that choice where they wanna have a union or not. They always have had that choice and it continues to be their choice and you know, we happen to think they're better off without a union for a number of reasons. Including the fact that, you know, it's it's much harder when you Union to have a direct relationship with your manager and to get things done quickly. So, if you see something on the line that you think could be better for your your team or you or your or customers, Yeah, just go to your manager and say, let's change it. You know, there's a whole process in in bureaucracy that you have to Fruit to be able to do that. You know, and and we get, you know, when there's a union, we're gonna get the feedback filtered by what the union decides is worth bringing up and we'd much rather hear from every employee. Whatever is on their mind and so, you know, I think if you wanna continue to have the structure that we've had for all this time. You have to Really competitive benefits and then I think if you look at Amazons they're very unusual in this space we champion the $ 15 MONEY minimum wage several years ago DATE The starting salaries now over $ 18 MONEY an hour which you know Is more than double the federal minimum wage. Four CARDINAL health insurance in 401 CARDINAL K and 20 weeks DATE up to 20 weeks DATE of parental leave and if you wanna get a college education you haven't had one we've a career choice program that let's our Center associates be able to do so. That is a very unusual and compelling set of benefits and those were all accomplished without a union. So, you know, I think that we realize that we, you know, we have to continue to work on the relationship with our our employees and we need to You to provide the the right benefits and you know we need to continue to work on safety and and that's our intention. You made a huge mark On Amazon ORG with AWS ORG obviously What is the mark that you want to make Still. Yes it's about renewables. This is a level of uncertainty that we haven't had to deal with. The FTC ORG has revamped its anti trust.

Someone like Chris Malls PERSON who I think some people look at as this modern day hero who got fired, pulled off this union vote. What's your message One like him. Your message to the folks who think maybe we should join a union. I know I think that in the first thing to be clear about is that employees get to make that choice where they wanna have a junior or not. They always have had that choice and it continues to be their choice and you know, we happen to think they're better off without a reunion for a number of reasons. Including the fact that, you know, it's it's much harder when you Union to have a direct relationship with your manager and to get things done quickly. So, if you see something on the line that you think could be better for your your team or you or your or customers, Can't just go to your manager and say let's change it. You know, there's a whole process in in bureaucracy that you have to Through to be able to do that. You know, and and we get, you know, when there's a union, we're gonna get the feedback filtered by what the union decides is worth bring up and we'd much rather hear from every employee. Whatever is on their mind and so, you know, I think if you wanna continue to have the structure that we've had for all this time. You have to Really competitive benefits and then I think if you look at Amazon ORG 's they're very unusual in this space we champion the $ 15 MONEY minimum wage several years ago DATE The starting salaries now over $ 18 MONEY an hour which you know is is more than double the federal minimum wage. You get full health insurance and 401 CARDINAL K and 20 weeks DATE up to 20 weeks DATE of parental leave and if you wanna get a college education, you haven't had one Career choice program that let's our fulfillment center associates be able to do so. That is a very unusual and compelling set of benefits and those were all accomplished without a union. So, you know, I think that we realize that we, you know, we have to continue to work on the relationship with our arm please and we need to You to provide the the right benefits and you know we need to continue to work on safety and and that's our intention. You made a huge mark. On Amazon ORG with AWS ORG obviously. What is the mark that you want to make Still. Yes it's about renewables. This is a level of uncertainty that we haven't had to deal with. Television and radio. Into Amazon ORG and buy some accounts is Are you preparing for an anti-trust lawsuit from the FTC ORG ? It's growing as to significant extent like we have. You have to be prepared to be scrutinized and and we have known this for some time. You know, many years and we have tried to run the company with that mind and knowing that if if somebody you look We will stand up to that scrutiny and I you know I think that's what we've tried to do in running the business. We can't control You know whether organizations bring different suits against us but I think if you look at our business, if you actually look at the fact, if you take out of, you know, take out of the equation that they're they're may not be the most Objective, you know, leadership when it comes to Amazon ORG and that organization If you look at the facts.

You think it'd be better for your your team or you or your or customers you can't just go to your manager and say let's change it you know there's a whole process in in bureaucracy that you have Through to be able to do that. You know, and and we get, you know, when there's a union, we're gonna get the feedback filtered by what the union decides is worth bring up and we'd much rather hear from every employee. On their mind and so, you know, I think if you wanna continue to have the structure that we've had for all this time, you have to have really competitive benefits and then, I think if you look at Amazons DATE , they're very unusual in this space. We champion the $ 15 MONEY minimum wage several years ago DATE . Starting salaries now over $ 18 MONEY an hour which you know is is more than double the federal minimum wage. You get full health insurance and 401 CARDINAL K and 20 weeks DATE up to 20 weeks DATE of parental leave and if you wanna get a college education, you haven't had one CARDINAL Your choice program that let's our fulfillment center associates be able to do so. That is a very unusual and compelling set of benefits and those were all accomplished without a union. So, you know, I think that we realize that we, you know, we have to continue to work on the relationship with our our employees and we need You to provide the the right benefits and you know we need to continue to work on safety and and that's our intention. You made a huge mark On Amazon ORG with AWS ORG obviously. Mark that you want to make but still David Weston PERSON . Information at insight. Yes it's about renewables. This is a level of uncertainty that we haven't had to deal with. The FTC ORG has revamped its anti trust inquiry into Amazon ORG and by some accounts is Celebrating it. Are you preparing for an anti-trust lawsuit from the FTC ORG ? It's growing. It's too significant like we have. You have to be prepared to be scrutinized and and we have known this for some time. You know, many years and we have tried to run the company with that mind and knowing that if if somebody look, that we would stand up to that scrutiny and I you know, I think What we tried to do in running the business. We can't control what, you know, you know, whether organizations bring different suits against us but I think if you look at our business, if you actually look at the, if you take out You know take out of the equation that they're they're may not be the most objective you know leadership when it comes to Amazon ORG and that organization if you look at the facts you know in our retail business we're about one% ORG of the worldwide retail market segment And remember 85% PERCENT of it is still offline And if you look in our AWS business You know about depending on how you measure it 95% PERCENT of the worldwide global IT Span is on premises you know and then we have a cloud business and then we have a portion of that you know we were leading market segment share in the cloud part of this We operate you know who we compete with NWS ORG is really on premises IT in addition to the clouds so you know these are relatively small percentages of Entire pie and you can kinda step through all the businesses and I

We find David Weston PERSON . Yes it's about renewables This is a level of uncertainty that we haven't had to deal with. Television and radio TC as revamped. It's anti trust inquiry into Amazon ORG and by some accounts is Are you preparing for an anti-trust lawsuit from the FTC ORG ? If you are a large company, it's growing. It's too significant like we have You have to be prepared to be scrutinized and and we have known this for some time. You know, many years and we have tried to run the company with that in mind and knowing that if if somebody look, that we would stand up to that scrutiny and I you know, I think What we tried to do in running the business. We can't control what, you know, you know, whether organizations bring different suits against us but I think if you look at our business, if you actually look at If you take out of you know take out of the equation that they're they're may not be the most objective you know leadership when it comes to Amazon ORG and that organization if you look at the facts you know in our retail business we're about one% ORG of the worldwide retail market segment share and remember 85% PERCENT of it is still offline And if you look in our AWS business You know about to be how you measure it 95% PERCENT of the worldwide global IT Spanish NORP on premises you know and then we have a cloud business and then we have a portion of that and we were leading market segment share in the cloud part of this We operate, you know, who we compete with is really on premises. IT in addition to the clouds. You know these are relatively small percentages of of the entire pie and you can kinda step through all the businesses and I think simply because you've been successful In a few different businesses doesn't somehow mean that you have a natural market power it just means you've been successful in a couple different Experiences but we still have AA relatively small amount of market segment share in those areas. What about the SEC ORG or being sued by them over third ORDINAL party data and how you used it? Do you think in the past Amazon ORG made mistakes with letting employees inter How those third ORDINAL party Sally PERSON sellers were doing? Pretty good control. I mean, you know, we've course disagree with the premise. Of that, but I would say that we have very good controls with respect to the data that the different employees that are able to see and by the way I think that we can be better for sellers. You know, I I think that We can have better tools from the get started. We give better tools from the manage what they're doing. Across their their different Amazon ORG units. I think we can communicate better. There's a whole bunch of things we can do better. And we agonize over every single email or communication we get from sellers. We do Regularly robust surveying and a lot more sellers are happy with Amazon ORG and unhappy with Amazon ORG and I think if you look at What they're able to do is you know as a business by virtue of selling on Amazon ORG versus not a completely changes what's Sellers don't really long for e-commerce software that exist in lots of places And it is not very expensive what they look

The FTC ORG has revamped its anti trust inquiry into Amazon ORG By some accounts is Tolerating it. Are you preparing for an anti-trust lawsuit from the FTC ORG ? If you are a large company, it's growing as to significant extent like we have. You have to be prepared to be scrutinized and and we have known this for some time. You know, many years and we have tried to run the company with that mind and knowing that if if somebody look, We will stand up to that scrutiny and I you know I think that's what we've tried to do in running the business. We can't control what, you know, you know, whether organizations bring different suits against us but I think if you look at our business, if you actually look at the fact, if you take out You know take out of the equation that they're they're may not be the most objective you know leadership when it comes to Amazon ORG in that organization if you look at the facts You know, in our retail business, we're about one% ORG of the worldwide retail market segment share And remember 85% PERCENT of it is still offline and if you look in our AWS business You know about to be how you measure it 95% PERCENT of the worldwide global IT Span is on premises you know and then we have a cloud business and then we have a portion of that you know we have a leading market segment share in the Part of this but we operate you know who we compete with NAWS ORG Really on premises IT in addition to the clouds so you know these are relatively small percentages of of the entire pie and you can kinda step through all the businesses and I think simply because you've been successful in a few different businesses doesn't somehow mean that you have a natural market power it just means you've been Won a couple different customer experiences but we still have a relatively small amount of market segment share in those areas. What about the SEC ORG ? You're being sued by them over third ORDINAL party data and how you've used it. Do you think in the past Amazon ORG made mistakes with letting employ Internally see how those third ORDINAL party sellers were doing. Pretty good control. I mean, we, you know, we've course disagree with the premise of that but I would say that we have very good controls with respect to the data that the different employees since we're able to see and by the way, I think that we can be better for sellers. You know, I I think that Yeah we can have better tools from the get started we get better tools from the manage what they're doing across their their different Amazon Units ORG . I think we can communicate better. There's a whole bunch of things we can do better. And we agonize over every single email or communication we get from sellers. We do very regularly robust surveying and a lot more sellers are happy with Amazon ORG and unhappy with On and I think if you look at What they're able to do is you know as a business by virtue of selling on Amazon ORG versus not a completely changes what's Sellers don't really For e-commerce software. That exists in lots of places It is not very expensive. What they love about selling on Amazon ORG Is that they get access to a hundreds of millions CARDINAL of customers and that completely changes what their prospects can be in terms of the businesses they're building. So, we have a lot of work to do there like we do in a lot of other places I think we were very strong partnership with sellers. What's the view of the supply chain right now and how much pain there is going to continue to be and for how long? Well you know I think that There's a lot of challenges in this in the supply chain still. I mean, it's it's gotten better than it was but there are all sorts of challenges, you know, non-perishable goods, electronics, chips, it's still a really, you know, significant issue All sorts of businesses. We have worked really hard to open a lot more. Points of presence and ports and the increase our capacity in getting products in, but I think it's gonna be something that companies battle with for some time You made a huge mark On Amazon ORG with AWS ORG obviously The mark that you want to make Still on Amazon ORG . I mean, in this new role What's gonna define the Andy Jassie PERSON era Well I I don't I don't really think of it that way Emily I mean I I don't think it's really about any jazzy era or anyone person you know and and

You know take out of the equation that they're they're may not be the most objective you know leadership when it comes to amazon and that organization if you look at the facts you know in our retail business we're about one% ORG of the worldwide retail market segment share And remember 85% PERCENT of it is still offline And if you look in our AWS business You know about depending on how you measure it 95% PERCENT of the worldwide global IT Span is on premises you know and then we have a cloud business and then we have a portion of that and we were leading market segment share in the cloud part of this We operate you know who we compete with NWS ORG is really on premises IT in addition to the clouds so You know, these are relatively small percentages of of the entire pine. You can kinda step through all the businesses and I think simply because you've been successful in a few different businesses, doesn't somehow mean that you have a natural market power. It just means you've been successful in a couple Customer experiences but we still have AA relatively small amount of market segment sharing those areas. What about the SEC ORG or being sued by them over third ORDINAL party data and how you've used it? Do you think in the past Amazon ORG made mistakes with letting employees in How those third ORDINAL party sellers were doing? Pretty good control. I mean, you know, we've course disagree with the premise. Of that, but I would say that we have very good controls with respect to the data that the different employees that are able to see and by the way, I think that we can be better for sellers. You know, I I think We can have better tools from the get started. We give better tools from the manage what they're doing. Across their their different Amazon Units ORG . I think we can communicate better. There's a whole bunch of things we can do better. And we agonize over every single email or communication we get from sellers. We do very regularly robust surveying and a lot more sellers are happy with Amazon ORG and unhappy with And I think if you look at What they're able to do is you know as a business by virtue of selling on Amazon ORG versus not a completely changes what's Sellers don't really long for e-commerce software. That exists in lots of places And it is not very expensive. What they love about selling on Amazon ORG Is that they get access to a hundreds of millions CARDINAL of customers and that completely changes what their prospects can be in terms of the businesses they're building. So, we have a lot of work to do there like we do in a lot of other But I I think we were very strong partnership with sellers. What's the view of the supply chain right now and how much pain there is going to continue to be and for how long? Well you know I think that There's a lot of challenges in this in the supply chain still. I mean, it's it's gotten better than it was but there are all sorts of challenges, you know, non-perishable goods, electronics, chips, it's still a really, you know, Issue for all sorts of businesses. We have worked really hard to open a lot more. Points of presence and ports and the increase our capacity in getting products in, but I think it's gonna be something that companies battle with for some time. You made a huge mark. On Amazon ORG with AWS ORG obviously What is the mark that you want to make Still on Amazon ORG . I mean, in this new role What's gonna define the Andy Jassie PERSON era Well, I I don't I don't really think of it that way, Emily. I mean, I I don't think it's really about any jazzy era or anyone person, you know, and and and by the way, AWS ORG was not about anyone person. That you know, if you spend a time on AWS That is an unbelievable team. Not just an incredible leadership team which it is. But just top to bottom and then the number of inventors and people care about customers Operate NORP you know something where it has to work almost like a delta and it's it's always teams and so I look at every single one of our businesses And you know take our retail business or our consumer business which is the oldest for businesses 85% PERCENT of it still lives offline. Oh my god. I think we have a lot of upside and a lot of growth and I think as much invention as we've seen Last 25 years DATE you know the time I've been there I think it Small compared to the next 25 years DATE . There is a lot for us to include

This is IT in addition to the clouds. So, you know, these are relatively small percentages of of the entire pie and you can kinda step through all the businesses and I think simply because you've been successful In a few different businesses doesn't somehow mean that you have a natural market power. It just means you've been successful in a couple different Experiences but we still have AA relatively small amount of market segment sharing those areas. What about the SEC ORG ? You're being sued by them over third ORDINAL party data and how you've used it. Do you think in the past Amazon ORG made mistakes with letting Employees internally see How those third ORDINAL party sellers were doing? Pretty good control. I mean, we, you know, we've course disagree with the premise. Of that, but I would say that we have very good controls with respect to the data that the different employees that are able to see and by the way, I think that we can be better for sellers. You know, I I think You know we can have better tools from to get started we give better tools from the manage what they're doing across their their different Amazon ORG units I think we can communicate better there's a whole bunch of things we can do better and we agonize over every single email or communication we get from sellers and we do Regularly robust surveying and a lot more sellers are happy with Amazon ORG and unhappy with Amazon ORG and I think if you look at What they're able to do is you know as a business by virtue of selling on Amazon ORG versus not a completely changes what's Sellers don't really long for e-commerce software that exist in lots of places And it is not very expensive. What they love about selling on Amazon ORG Is that they get access to a hundreds of millions CARDINAL of customers and that completely changes what their prospects can be in terms of the businesses they're building. So, we have a lot of work to do there like we're doing a lot of other places I think we were very strong partnership with sellers. What's the view of the supply chain right now and how much pain there is going to continue to be and for how long? Well you know I think that There's a lot of challenges in this in the supply chain still. I mean, it's it's gotten better than it was but there are all sorts of challenges, you know, non-perishable goods, electronics, chips, it's still a really, you know, significant issue All sorts of businesses. We have worked really hard to open a lot more. Points of presence and ports and the, and the increase our capacity in getting products in but I think it's gonna be something that companies battle with for some time You made a huge mark On Amazon ORG with AWS ORG obviously. Mark that you want to make Still on Amazon ORG . I mean, in this new role What's gonna define the Andy Jassie PERSON era Well, I I don't I don't really think of it that way, Emily. I mean, I I don't think it's really about any jazzier or anyone person, you know, and and and by the way, AWS ORG was not about anyone person. That you know, if you spend a time on AWS That is an unbelievable team. Not just an incredible leadership team which it is. But just top to bottom. And then the number of inventors and people care about customers Operate NORP you know something where it has to work almost like a delta. It's it's always teams. And so I look at every single one of our businesses And you know take our retail business or our consumer business which is the oldest for businesses 85% PERCENT of it still lives offline. Oh my god. I think we have a lot of upside and a lot of growth and I think as much invention as we've seen Last 25 years DATE , you know, the time I've been there, I think It's gonna work small compared to the next 25 years DATE . There is a lot for us to invent on behalf of customers. So, you know, I'm excited to be part of the team. It makes that happen. You know, we are continuing to, you know, to increase the amount that we give back to the communities in which we have big And that really matters to me. I think we have a responsibility to do that and so you know it's it's it's a long journey and that we're working on but I'm excited to be part of it and you know, I For a long time. Well, thank you for joining us and telling us about the way the journey is going so far. Thank you.

Sellers don't really Or e-commerce software. That exists in lots of places It is not very expensive. What they love about selling on Amazon ORG Is that they get access to a hundreds of millions CARDINAL of customers and that completely changes what their prospects can be in terms of the businesses So we have a lot of work to do there like we do in a lot of other places but I I think we are very strong partnership with sellers. What's the view of the supply chain right now and how much pain there is going to continue to be and for how long? Well you know I think that There's a lot of challenges in this in the supply chain still. I mean, it's it's gotten better than it was but there are all sorts of challenges, you know, non-perishable goods, electronics, chips, it's still a really, you know, significant For all sorts of businesses. We have worked really hard to open a lot more. Points of presence and ports and increase our capacity in getting products in, but I think it's gonna be something that companies battle with for some time. You made a huge mark. On Amazon ORG with AWS ORG obviously What is the mark that you want to make Still on Amazon ORG . I mean, in this new role What's gonna define the Andy Jassie PERSON era? Well, I I don't I don't really think of it that way, Emily. I mean, I I don't think it's really about any jazzy era or anyone person, you know, and and and by the way, AWS ORG was not about anyone person. That you know, if you spend a time on AWS That is an unbelievable team. Not just an incredible leadership team which it is. But just top to bottom. And then the number of inventors and people care about customers Operate NORP you know something where it has to work almost like a downtown it's it's always teams and so I look at every single one of our businesses And you know take our retail business or our consumer business which is the oldest for businesses 85% PERCENT of it still lives offline. Oh my god, I think we have a lot of upside, a lot of growth, and I think as much invention as we've seen Last 25 years DATE you know the time I've been there I think it Small compared to the next 25 years DATE . There is a lot for us to invent on behalf of customers and so, you know, I'm excited to be part of the team that makes it happen. You know, we are continuing to, you know, to increase the amount that we give back to the communities in which we have big And that really matters to me. I think we were responsibly do that and so you know it's it's it's a long journey that we're working on but I'm excited to be part of it and you know I Order PERSON for a long time. Well, thank you for joining us and telling us about the way the journey is going so far. Thank you. Thank you. In the coming months DATE . From. Moment news breaks 24 hours TIME a day. Bloomberg PERSON your global business authority.

Well, I I don't I don't really think of it that way, Emily. I mean, I I don't think it's really about an Andy Jassie PERSON era or anyone person. You know, and and and by the way, AWS ORG was not about anyone person. That you know, if you spend a time on AWS That is an unbelievable team. Not just an incredible leadership team which it is. But just top to bottom. And then the number of inventors and people care about customer Operate, you know, something where it has to work almost like a downtown. It's it's always teams and so, I look at every single one of our businesses And you know take our retail business or our consumer business which is the oldest for businesses Five% of it still lives offline. Oh my god. I think we have a lot of upside and a lot of growth and I think as much invention as we've seen Last 25 years DATE , you know, the time I've been there, I think Gonna work small compared to the next 25 years DATE . There is a lot for us to invent on behalf of customers. So, you know, I'm excited to be part of the team that makes that happen. You know, we are continuing to, you know, to increase the amount that we give back to the communities in which we have big And that really matters to me. I think we were responsibly do that and so, you know, it's it's it's a long journey and that we're working on but I'm I'm excited to be part of it and you know, For a long time. Well, thank you for joining us and telling us about the way the journey is going so far. Do you see that coming The moment news breaks 24 hours TIME a day. Bloomberg PERSON your global business authority. Ken Griffin PERSON is moving both sit it out and send it all security is to Miami GPE let's go was broken by Bloomberg PERSON 's Why did the biggest names in business choose Bloomberg PERSON ? That is a great question. It's a great question. Great question. I'm glad you asked that. Know how to maneuver the machines. Yeah, we offer a collision avoidance survey. It's a subscription service. We'll send you an alert Up to 7 days DATE in advance if you're satellite's gonna come dangerously close to a piece of debris or another satellite. Companies have been doing that for decades DATE moving. Satellites around but it's it's sort of like a harder problem.

Invention is we've seen Last 25 years DATE , you know, the time I've been there, I think it Looks small compared to the next 25 years DATE . There is a lot for us to invent. On behalf of customers and so, you know, I'm excited to be part of the team that makes that happen. You know, we are continuing to, you know, to increase the amount that we give back to the communities in which we have big And that really matters to me. I think we have a responsibility do that and so you know it's it's it's a long journey that we're working on but I'm excited to be part of it and you know Departed for a long time. Well, thank you for joining us and telling us about the way the journey is going so far. Thank you. Andy Jackie PERSON , Sarah Vanathan PERSON . Do you see that? The moment news breaks 24 hours TIME a day. Bloomberg PERSON your global business authority. Bloomberg She's PERSON a great question. Great question. A lot of the satellites have propulsion systems. They can kinda move to get out of the way of each other or change their orbit a little bit. It's a service that you guys offered to help these companies know how to maneuver their machines. Yeah, we offer a collision avoidance survey. It's a subscription service. We'll send you an alert up to 7 days DATE in advance. If your satelli Satellites around but it's it's sort of like a harder problem now. The risk of a collision is a lot higher now just because we've installed so much more hardware in the space. Are you have a big collision it creates a clouded debris and now all the other satellites are flying through this whizzing mess of debris as we add all of the new satellites in space the risks of the collision the likelihood of the collisions going up You're watching the best of the cutter economic

No one covers the world like Bloomberg PERSON . Seven% in the coming months DATE do you see that coming true 24 hours TIME a day. Bloomberg PERSON your global business authority. That is a great question. Great question. I'm glad you asked that. Know how to maneuver their machines. Yeah, we offer a collision avoidance survey. It's a subscription service. We'll send you an alert To 7 days DATE in advance if your satellite's gonna come dangerously close to a piece of debris or another satellite. Companies will be doing that for decades DATE moving satellites around but it's it's sort of like a harder problem now. Just because we've installed so much more hardware in the space. But you have a big collision that creates a clouded debris and now all the other satellites are flying through this whizzing mess of debris as we add all of the new satellites into space. The risks of the collision, the likelihood of the collisions going up. You're watching the best of the cutter economic forum. I manage cranny in Doha GPE . This week DATE 's event which was powered by Bloomberg PERSON brought together global business leaders and heads of state to tackle some of the world's most pressing challenges from small supply chains and escalating inflation to Russia GPE 's military assault on Ukraine GPE Over the next half hour TIME we'll bring you all the highlights from the most important interviews and conversations beginning with it on musk the world's richest person spoke to Bloomberg ORG 's editor in Chief John Mick PERSON His head kind plans at Tesla why he thinks a recession is inevitable Course is ongoing bid for Twitter PRODUCT .

Ken Griffin PERSON is moving both Citadel and Citadel Securities to Miami GPE Why did the biggest names in business choose Bloomberg PERSON ? It's a great question. Hey Hey Facebook Know how to maneuver the machines. Yeah, we offer a collision avoidance survey. It's a subscription service. We'll send you an alert up to 7 days DATE in If your satellite's gonna come dangerously close to a piece of debris or another satellite. Companies have been doing that for decades DATE moving satellites around but So much more hardware in the space. Are you have a big collision that creates a cloudy debris and now all the other satellites are flying through this wizing mess of debris as we add all of the new satellites into space the risks of the collision the likelihood of the collisions going up You're watching the best of the cutter economic forum I manage cranny in Doha GPE this week DATE 's event which was powered by Bloomberg PERSON brought together global business leaders and heads of states to tackle some of the world's most pressing challenges from small supply chains and escalating inflation to Russia GPE 's military assault on Ukraine GPE Over the next half hour TIME we'll bring you all the highlights from the most important interviews and conversations beginning with Elon Musk PERSON the world's richest person spoke to Bloomberg ORG 's editor in Chief John McAthweight PERSON about his head kind plans at Tesla why you thinks a recession Is inevitable. With respect to the the Twitter PERSON transaction there's a limit to what I can say publicly given that is someone would have sensitive matter Measured in my responses here. Is not to generate incremental lawsuits Hey Facebook please Times ORG managed to overcome Yes I think importance. So Given you enough information. Well there are still a few unresolved matters you've you've probably read about the the question as to whether the number of fake and spam users on the system is less than five% as Twitter PERSON claims which I think is probably not most people's experience I'm reusing Twitter PRODUCT . So we're still waiting resolution on that matter. And that is a very significant matter. So We're waiting on that. And then of course, there is the question of will the the deck portion of the round, come together, and then will the Sheryl ORG 's vote in favor. So, I think those are the three CARDINAL things that stand in the You know if that needs to be resolved before the trans Wait. What about the general state of the economy? Does that weigh on you when you think about this? I mean you just described it. You have a super bad feeling about the economy. Are you still in that position? I've just set you earlier. Joe Biden PERSON Has just come out.

Dangerously close to a piece of debris or another satellite. Companies have been doing that for decades DATE moving satellites around but it's it's sort of like a harder problem now. Just because we've installed so much more hardware in the space. Are you have a big collision it creates a cloudy debris and now all the other satellites are flying through this wizing mess of debris as we add all of the new satellites into space the risks of the collision the likelihood of the collisions going up You're watching the best of the cutter economic forum I manage cranny in Doha GPE this week DATE 's event which was powered by Bloomberg PERSON brought together global business leaders and heads of states to tackle some of the world's most pressing challenges from small supply chains and escalating inflation to Russia GPE 's military assault on Ukraine GPE Over the next half hour TIME we'll bring you all the highlights from the most important interviews and conversations beginning with it on musk World ORG 's richest person spoke to Bloomberg ORG 's editor in chief John McElth Waite PERSON about his head kind plans at Tesla why you thinks a recession is inevitable With respect to the the Twitter PERSON transaction there's a limit to what I can say publicly given that is someone with a sensitive matter So, To be measured in my responses here. Lawsuits Sometimes managed to overcome Yes, if that position minimization is I think important. Have you so have Twitter PERSON given you enough information? Well there are still a few unresolved matters you've you've probably read about the the question as to whether Number of fake and spam users on the system is less than five% as to reclaims. Which I think is probably not most people's experience. On when using Twitter PRODUCT . So we're still waiting resolution on that matter and that is a very significant matter. So We're we're waiting resolution on that. And then of course there is the question of will the the deck portion of the round come together and then will the shareholders vote in favor. So I think those are the three CARDINAL things that stand in the You know if that needs to be resolved before the trans Wait. What about the general state of the economy? Does that weigh on you when you think about this? I mean you just described it. You have a super bad feeling about the economy. Are you still in that position? I've just said you earlier. Joe Biden PERSON Has just come out and said that America GPE is not inevitable. How do you feel about the economy? Some point. Asked whether there is a reception in the near term I think that is more likely than not. It certainly isn't. It's not a certainty but It appears more likely than not What do you think I'm I'm I'm I'm with you. I think it's more likely Particular PRODUCT thing to do with the Twitter PERSON bid which is you know you are one of the And fastest growing investors in China GPE Tesla you've talked about it being a third You're now buying Twitter PRODUCT that kind of public forum for free speech. The Chinese NORP historically don't tend to be very enthusiastic about free speech are you worried Out whether you can keep those two CARDINAL particular horses running Is buying Twitter PRODUCT gonna get you in trouble with the Chinese NORP ? Well Twitter PERSON does not operate in

You watching the best of the cutter economic forum I manage cranny in Doha GPE this week DATE 's event which was powered by Bloomberg PERSON brought together global business leaders and heads of state to tackle some of the world's most pressing challenges from small supply chains and escalating inflation to Russia GPE 's military Salt GPE on Ukraine GPE . Over the next half hour TIME we'll bring you all the highlights from the most important interviews and conversations beginning with Elon Musk PERSON the world's richest person spoke to Bloomberg ORG 's editor in Chief John McAthweight PERSON about his head kind plans at Tesla why he thinks a recession is inevitable and of course it's With respect to the the Twitter PERSON transaction there's a limit to what I can say publicly given that is someone of a sensitive matter So, I would like to be measured in my responses here. Is not to generate incremental lawsuits. Hey Facebook Sometimes managed to overcome Yes, it it that position minimization is I think important. Have you so have Twitter PERSON given you enough information? Well there are still Result PERSON matters you you probably read about the the question as to whether Number of fake and spam users on the system is less than five% as Twitter PERSON claims. Which I think is probably not most people's experience. On reusing Twitter PRODUCT . So we're still waiting resolution on that matter. And that that is a very significant matter. So We're waiting on that. And then of course there is the question of will the the death portion of the round come together and then will the shareholders vote in favor. So I think those are the three CARDINAL things that stand in the You know, if that needs to be resolved before the trans Hey Facebook wait. What about the general state of the economy? Does that weigh on you when you think about this? I mean you just described it. You have a super bad feeling about the economy. Are you still in that position? I've just set you earlier. Joe Biden PERSON has just come out and said that A recession in America GPE is not inevitable. How do you feel about the economy Well I think it recession is inevitable at some point. Best weather there is a reception in the near term I think that is more likely than not. It's it certainly isn't this. It's not a certainty but Appears more likely than not. And what do you think I'm I'm I'm I'm with you. Which is you know you are one of the Western NORP fastest growing investors in China GPE Tesla you've talked about it being a third Free speech. The Chinese NORP historically don't tend to be very enthusiastic about free speech are you worried About whether you can keep those two CARDINAL particular horses running is is buying Twitter PRODUCT gonna get you in trouble with the Chinese NORP Well Twitter PERSON does not operate in China GPE so And I think China GPE is not a temporary Free speech of the press in the US GPE at as far as I know I I seem You're not under pressure to From China GPE . So, I think there's I I don't think this is gonna be an issue. And in terms generally of that issue of freedom of speech on Twitter PERSON you've talked about Twitter PRODUCT being making it even freeer and letting more people onto it Is there a limit at all to to who you think should be allowed onto Twitter PRODUCT ? My aspiration for Twitter PERSON or in in general for the digital town square would be that it is as if

Why you think a recession is inevitable With respect to the the Twitter PERSON transaction there's a limit to what I can say publicly given that is someone who was sensitive matter So, To be measured in my responses here. Is not to generate incremental lawsuits Hey Facebook sometimes manage to overcome Yes, it it that position minimization is I think important. So have Twitter PERSON given you enough information? Well there are still a few unresolved matters you've you've probably read about the the question as to whether Number of fake and spam users on the system is less than five% as to her claims. Which I think is probably not most people's experience. On when using Twitter PRODUCT . So we're still waiting resolution on that matter. And that is a very significant matter. So We're waiting resolution on that. And then of course there is the question of will the the deck portion of the round come together and then we'll be shareholders vote in favor. So I think those are the three CARDINAL things that stand in the You know if that needs to be resolved before the Complete PERSON . What about the general state of the economy? Does that weigh on you when you think about this? I mean you just described it. You have a super bad feeling about the economy. Are you still in that position? I've just said you earlier. Joe Biden PERSON Has just come out and said that America GPE is not inevitable. How do you feel about the economy? At some point. Ask whether there is a reception in the near term I think that is more likely than not. It's certainly isn't a it's not a certainty but It appears more likely than not What do you think I'm I'm I'm I'm with you. I think it's more likely Thing to do with the Twitter PERSON bid which is you know you are one of the And fastest growing investors in China GPE Tesla you've talked about it being a third You're now buying Twitter PRODUCT that kind of public forum for free speech. The Chinese NORP historically don't tend to be very enthusiastic about free speech are you worried Out whether you can keep those two CARDINAL particular horses running Is buying Twitter PRODUCT gonna get you in trouble with the Chinese NORP ? Well Twitter PERSON does not operate in Jeff PERSON so And I think HF Free PERSON speech In the US GPE at as far as I know I seem Messenger PERSON pressure to my blood to Got from China GPE so I think there's I I don't think this is gonna be an issue. And in terms generally of that issue of freedom of speech and Twitter PERSON you've talked about Twitter PRODUCT being making it even freer and letting more people onto it. Is there a limit at all to to who you think should be allowed onto Twitter PRODUCT ? My aspiration for Twitter PRODUCT or in general for the digital town square would be that it is as inclusive in in the water since the word as possible That is it is an appealing Assistant views. So, I mean, I do like to get like 80% PERCENT of That's it Most America GPE and perhaps I don't know half CARDINAL the world or something ultimately on On Twitter PERSON it's in one for another And that needs that means it must be something that was appealing to people. It it obviously came out of your place where they feel uncomfortable or harassed. Or there's something not use it. Can you set the record straight on one CARDINAL thing which is this issue about the layoffs? I Said PERSON initially.

You think about this I mean you just described it you have a super bad feeling about the economy are you still in that position I've just said to you earlier Joe Biden PERSON has just come out and said that Session in America GPE is not inevitable. How do you feel about the economy? Some point. Whether there is a reception in the near term I think that is more likely than that. It's it certainly isn't this. It's not a certainty but Appears more likely than not. What do you think I'm I'm I'm I'm with you I think it's more likely Can I ask you one particular thing to do with the Twitter PERSON bid which is you know you are one of the Eastern ORG fastest growing investors in China GPE Tesla you've talked about it being a third ORDINAL Twitter PERSON that kind of public forum for free speech The Chinese NORP historically don't tend to be very enthusiastic about free speech are you worried Whether you can keep those two CARDINAL particular horses running is is buying Twitter PRODUCT gonna get you in trouble with the Chinese NORP ? Well Twitter PERSON does not operate in And I think China GPE does not attempt to if you HVA was the Free speech of the work of the press in the US GPE at as far as I know I seem You're not under pressure to at Bloodberg PERSON to From China GPE . So, I think there's I don't think it's gonna be an issue. And in terms generally of that issue of freedom of speech and Twitter PERSON you've talked about Twitter PRODUCT being making it even freer and letting more people onto it. Is there a limit at all to to who you think should be allowed onto Twitter PRODUCT ? My aspiration for Twitter PERSON or in in general for the digital town square would be that it is as inclusive In in the world it says the word as possible That is it is an appealing Of years. So, I mean, I do like to get like 80% PERCENT of That's it. North America LOC and perhaps I don't know half CARDINAL the world or something. Ultimately on On Twitter PERSON it's in one or another And that needs that means it must be something that is appealing to people it it obviously kind of your place where they feel uncomfortable or harassed or there's something not use it can you set the record straight on one CARDINAL thing which is this issue about the layoffs I think Said PERSON initially that Tesla GPE 10% PERCENT of the workforce will be cut then 10% PERCENT of salary would be cut then salary would stay flat and overall headcount would go up what What is the number? I know there's already I think being AA lawsuit The 10% PERCENT is is 10% PERCENT the goal to reduce the workforce. So what is the number that we should think about or that your planning? So it has the is reducing the salary work for us are roughly 10% PERCENT over the next Probably 3 months or so DATE To grow at our hourly TIME workforce. We're actually quite clear that we expect to grow out around hourly TIME workforce. But we We grew very fast with on the salary side. And we grew a little too fast in some areas. And so it requires a reduction in Workforce ORG mirror Two thirds CARDINAL hourly TIME in one third CARDINAL salary so I guess technically attempts that reduction in the solid work course is only roughly at three three and a half percent DATE reduction in total headcount Egypt GPE 's finance minister doesn't think we're in one yet but does reckon the economy is slowing. I caught up with Muhammad PERSON mate. No we are not already in a recession But we have now Of economic We have seen

Is is buying Twitter PRODUCT gonna get you in trouble with the Chinese NORP ? Well Twitter PERSON does not operate in And I think Free speech of the press in the US GPE at as far as I know I seem Under pressure to Got it from China GPE . So, I think there's I don't think this is gonna be an issue. And in terms generally of that issue of freedom of speech and Twitter PERSON you've talked about Twitter PRODUCT being making it even freeer and letting more people onto it. Is there a limit at all to to who you think should be allowed onto Twitter PRODUCT ? My aspiration for Twitter PRODUCT or in general for the digital town square would be that it is as inclusive In in the water since the word as possible That is it is an appealing system to use so I mean I do like to get like 80% PERCENT of That's it. North America LOC and perhaps I don't know half CARDINAL the world or something. Ultimately on On Twitter PERSON it's in one for another And that needs that means it must be something that is appealing to people it it obviously can help your place where they feel uncomfortable or harassed or there's something not use it can you set the record straight on one CARDINAL thing which is this issue about the layoffs I think Said PERSON initially But Tesla 10% PERCENT of the workforce will be cut then 10% PERCENT of salary would be cut then salary would stay flat and overall headcount would go up What is the number? I know there's already I think being AA lawsu About the 10% PERCENT is is 10% PERCENT the goal to reduce the workforce. So what is the number that we should think about? Or that your planning? So it has Are roughly 10% PERCENT Over the next Probably 3 months or so Expect DATE to grow at our hourly TIME workforce. Actually quite clear that we expect to grow up around hourly TIME workforce. But we We grew very fast with on the salary side And we we're a little too fast in some areas and so it requires reduction in Two thirds DATE hourly TIME and one third CARDINAL salary so I guess technically a 10% PERCENT reduction in the solid work horses only profit three three and a half percent CARDINAL reduction in total headcount Egypt GPE 's finance minister doesn't think we're in one yet but does reckon the economy is slowing. I caught up with Muhammad PERSON mate. Recession but Economic Wallet Bank Have reduced their expectation for economic growth but If the current direction To be continued and Even escalated I believe that an FW we will go for recession. Do you see that because of higher interest rates that are coming to barren your economy and the global economy? Package of elements will work together Us GPE to the session in Philadelphia GPE high cost of financing, food security, And whether this work can be accelerated somewhere where Nazare PERSON and also pressure on mini developing countries in this Economic growth will have to suffer from the negative impact which will be at the expense of their ability to grow Are you in shock Or panic over fuel and food at the moment.

You think it should be allowed onto Twitter PRODUCT My aspiration for Twitter PRODUCT or in general for the digital town square would be that it is as inclusive in in the water since the word as possible That is it is an appealing Our sister views. So, I mean, I do like to get like 80% PERCENT of That's it North America LOC and perhaps I don't know half CARDINAL the world or something ultimately on On Twitter PERSON in one CARDINAL for another And that needs that means it must be something that was appealing to people. It it obviously came out of your place where they feel uncomfortable or harassed. Or there was something not use it. Can you set the record straight on one CARDINAL thing which is this issue about the layoffs? I think you've Initially that Tesla 10% PERCENT of the workforce will be cut then 10% PERCENT of salary would be cut then salary would stay flat and overall headcount would go up what What is the number? I know there's already I think being AA lawsuit 10% PERCENT is is 10% PERCENT the goal to reduce the workforce so what is the number that we should think about or that you're planning So it has the is reducing the salary work for us are roughly 10% PERCENT over the next 3 months or so Expect DATE to grow at our hourly TIME workforce actually quite clear that we expect to grow up around hourly TIME workforce but we Grew very fast with on the salary side And we we're a little too fast and some areas and so it requires reduction in salary we're forced to wear about two thirds CARDINAL hourly TIME in one third CARDINAL salary so I guess technically a 10% PERCENT reduction in the seller group was only roughly at three three and a half percent DATE reduction it Account ORG . Egypt GPE 's finance minister doesn't think we're in one yet but does reckon the economy is slowing. I caught up with Muhammad PERSON mate. No we are not already in a recession But we have now Of economic Wallet PERSON bank Have reduced their expectation for economic growth but If the current direction To be continued Might be even escalated. I believe that enoughly we will go for recession. Economy and the global economy. Package of elements will work together Us GPE to the session in Philadelphia GPE high cost of financing food security And also pressure on mini developing countries in this world which can Economic growth will have to suffer from the negative impact which will be at the expense of their ability to grow Are you in shock Or panic over fuel and food at the moment Panic brothers ORG and shock. I believe that Thinks well activate further it will materialize to a big shock The consequence Of food and fuel is 13% PERCENT core inflation sir I've had people tell me inflation is topping out Do you think inflation has plateaued or top diet? Expectation is to increase not to decrease. Significantly It depends. If If oil prices will continue this event Continue to this trend.

If you are uncomfortable or harassed or there's something not use it. Can you set the record straight on one CARDINAL thing which is this issue about the layoffs? I think you Initially that Tesla 10% PERCENT of the workforce will be cut then 10% PERCENT of salary would be cut then salary would stay flat and overall headcount would go up What is the number? I know there's already I think being AA lawsu About the 10% PERCENT is is 10% PERCENT the goal to reduce the workforce. So what is the number that we should think about? Or that your planning? So it has Are roughly 10% PERCENT Over the next Probably 3 months or so Expect DATE to grow at our hourly TIME workforce. We're actually quite clear that we expect to grow up around hourly TIME workforce. But we We grew very fast with on the salary side And we we're a little too fast in some areas and so it requires reduction in Two thirds DATE hourly TIME in one third CARDINAL salary so I guess technically a 10% PERCENT reduction in the solid work horses only profit three three and a half percent CARDINAL reduction in total head countdown Egypt GPE 's finance minister doesn't think we're in one yet but does reckon the economy is slowing. I caught up with Muhammad PERSON mate. But we have now Of economic Wallet Bank I'm a Have reduced their expectation for economic growth but If the current direction To be continued and Escalated I believe that NFW ORG we will go for recession. Do you see that because of higher interest rates that are coming to bar in your economy and the global economy? A package of elements will work together High cost of financing, food security, And whether this work can be accelerated somewhere where Nazare PERSON and also pressure on mini developing countries in this world Impact which will be at the expense of their ability to grow Are you in shock Or panic over fuel and food at the moment Panic rather than a shock I believe that Since we'll accelerate further it will materialize to a big shock. The consequence Of food and fuel is 13% PERCENT core inflation sir I've had people tell me inflation is topping out it's it's it's over second half of the year to get better do you share that view do you think inflation has plateaued or top diet Expectation is to increase not to decrease. Significantly It depends Hey If oil prices will continue this event Food prices continue to this trend if Will increase interest further Particular is at you know we may start to see in addition to what we have seen until now And difficulties to get financing How Bob PERSON could he get? If you are talking about Egypt GPE then particular indeed sir 13% PERCENT You know, will depend on

We have Vanelle GPE Of economic Wallet PERSON bank, Have reduced their expectation for economic growth but If the current direction And Escalated That inevitably we will go for recession. Economy and the global economy. Package of elements will work together High cost of financing, food security, About the war and the extent of the war and whether this war can be accelerated somewhere Developing countries in this world which can contribute heavily to economic growth will have to suffer from the negative impact which will be at the expense of their ability to grow Are you in shock Or panic over fuel and food at the moment Panic rather than a shock. I believe that If things will accelerate further it will materialize to a big shock. The consequence Of food and fuel is 13% PERCENT cool inflation sir I've had people tell me inflation is topping out It's over. Get better. You do you think inflation has plateaued or top diet? Expectation is to increase not to decrease. Significantly It depends. If we, if oil prices will continue this event, if food prices continue to this trend if And the other central banks will increase interest further We will go for federal in Felicia GPE . Particularly at you know we may start to see any addition to what we have seen until now. Difficulties to get financing So it's 13% PERCENT on the core at the moment. How bad could it get? If you are talking about Egypt GPE and particular in detail 13% PERCENT We are important. This is a significant part. Why? Because if infiltration accelerates further As a result of all these factors and in addition to that higher interest rate Add to higher cost of financing. We will be negatively impacted. We hope that this will not be materialized and are coming period So we should What are they well increase further And we don't know what will be there decisions very soon To the act to initiate further significant rate hikes from the Central Bank ORG . Yes. Egyptian NORP economy to grow and high cost of financing it will be a problem for the industrial for the For the economy but eventually inflation is a core business infection control is part of the core business for central Up next the deputy chairman and CEO of the

At the expense of their ability to grow. Are you in shock Or panic over fuel and food at the moment. Panic rather than a shock. I believe that Sings well accelerate further it will materialize to a big shock The consequence Of food and fuel is 13% PERCENT core inflation sir I've had people tell me inflation is topping out It's it's over second half of the year to get better. Do you think inflation has plateaued or top diet? Dictation is to increase not to decrease. Significantly It depends. If If oil prices will continue this event Continue to this trend if the federals and the other central banks will increase Particular PRODUCT is at you know we may start to see in addition to what we have seen until now What interruption to trade more interruption to supply chain How Bob PERSON could he get? If you are talking about Egypt GPE and particular indeed sir 13% PERCENT You know will depend on We are important. A significant part. Why? Because if infilation accelerate further in Europe LOC , in United States of America GPE , as a result of Higher interest rate will add to higher cost of financing We will be negatively impacted. We hope that this will not be materialized in the coming period DATE . So, we should you know, What they will increase further And we don't know what will be there Very soon. In Felicia PERSON . Yes I hope that Egyptian NORP economy to grow and high cost of financing it will be a problem for the industrial for the For the economy but eventually infiltration is a core business in fish and control is part of the core business for central bank How much of a premium he thinks the war in Ukraine GPE has put in the oil prices? This is Bloombad GPE . Is that communicating via video is not a fad that we are using in all aspects of our lives for work or learning for communicating for staying in touch. Bloomberg PERSON has enhanced search on the terminal to deliver what you need when you need it now you can simply type phrases in everyday English LANGUAGE in the command line Compare financials You can enter phrases Ask questions What do you want to know today DATE ? Ask a question or visit search go to find answers now. Access the financial world on demand Hear from leading economists.

If if oil prices will continue this rent Food prices continue to this trend And the other central banks will increase interest further Particular is at you know we may start to see in addition to what we have seen until now more interruption to trade more interruption to supply chain If you are talking about Egypt GPE and particular indeed sir 13% PERCENT You know will depend on We are important. This is a significant part. Why? Because if infiltration accelerate further in Europe LOC , in United States of America GPE , as a result of all this factors, and in Higher interest rate will add to higher cost of financing this will mean that we will be negatively impacted we hope that this will not be materialized in the coming period So we should What are they will increase further Business boy and And we don't know what will be there decisions very soon to react to in Felicia Significant ORG rate hikes from the Central Bank ORG . Yes, I hope that Egyptian NORP economy to grow and high cost of financing it will be a problem for the industry for the Control ORG is part of the core business for central He thinks the war in Ukraine GPE has put in the oil prices. This is Bloombad GPE . Is that communicating via video is not a fad that we are using in all aspects of our lives for work or learning for communicating for staying in touch. Bloomberg PERSON has enhanced search on the terminal to deliver what you need when you need it. Now, you can simply type phrases in everyday English LANGUAGE in the command line. Compare financials Ask questions. What do you want to know today DATE ? Ask a question or visit search go to find answers now. Access the financial world on demand. Hear from leading economists Policy makers And industry experts be alive and on demand webinars. Only from Bloomberg ORG . Start exploring to see what's moving the markets. Visit Bloomberg PERSON . Com webinars People ask me all the time what is the key to being a really good investor I tell them it's a surround yourself with and work with the best investors you can find on Bloomberg Wealth PERSON I'm gonna take you to meet the greatest investors in the world the people that I would like to have managing my money that the start of the internet revolution I kicked up a lot of controversy declaring that the internet had been under hyped. I say the same thing today DATE about the climate revolution.

If you are talking about Egypt GPE then particular You know will depend on We are important. This is a significant part. Why? Because if infilation accelerate further in Europe LOC , in United States of America GPE , as a result of all these factors Higher interest rate will add to higher cost of financing this will mean that we will be negatively impacted. We hope that this will not be materialized in the coming period DATE . So we should you know I'm worried also What are they well increase further And we don't know what will be there decisions very soon to react to in Felicia PERSON . So you are worried about further significant Hikes PERSON from the Central Bank ORG . I hope that Egyptian NORP economy to grow and high cost of financing it will be a problem for the industrial for the For the economy but eventually infilation is a core business inflation control is part of the core business for central bank of Egypt. Up next the deputy chairman and CEO of the Kui Patrolium Corporation ORG tells us how much of a premium he thinks the war in Ukraine GPE has put in the oil prices. This is Bloombad GPE . I think we've seen during this period of time is that communicating via video is not a sad that we are using in all aspects of our lives for work or learning for communicating for staying in touch. Bloomberg PERSON has enhanced search on the terminal. To deliver what you need when you need it. Now, you can simply type phrases in everyday English LANGUAGE in the command line. Compare financials You can enter phrases Ask questions. What do you want to know today DATE ? Ask a question or visit search go to find answers now. Access the financial world on demand. Hear from leading economists Policy makers. And industry experts. Be alive and on demand webinars. Only from Bloomberg ORG . Start exploring to see what's moving the markets. Visit Bloomberg PERSON . Com webinars People ask me all the time what is the key to being a really good ambassador I tell them it's the surround yourself with and work with the best investors you can find on Bloomberg Wealth PERSON I'm gonna take you to meet the greatest invest The people that I would like to have managing my money that the start of the internet revolution I have kicked up a lot of controversy declaring that the internet had been under hyped. I say the same thing today DATE about the climate revolution. Energy was of course the major theme of the week DATE and the deputy chair and CEO of the Kuai Patrolium Corporation ORG told us he thinks the war in Ukraine GPE has only highlighted how important energy is to the world Premium into the oil market. It got up with my colleague. We think that oil is there for the long term in terms of even an idiot energy transition. So Maybe concerned about what would obviously the next 18 months DATE .

Center Bank of Egypt ORG . Up next the deputy chairman and CEO of the patrolium corporation tells us how much of a premium he thinks the war in Ukraine GPE has put in the oil prices. This is Blue Bad ORG . Communicating for staying in touch. Bloomberg PERSON has enhanced search on the terminal. To deliver what you need. When you need it. Now, you can simply type phrases in everyday English LANGUAGE in the command line. Compare financials Ask questions What do you want to know today DATE ? Ask a question or visit search go to find answers now. Access the financial world on demand Hear from leading economists Policy makers. And industry experts via live and on demand webinars. Only from Bloomberg ORG . Start exploring to see what's moving the markets. Visit Bloomberg PERSON . Com webinars People ask me all the time what is the key to being a really good investor? I tell them it's the surround yourself with and work with the best investors you can find. On Bloomberg Wealth PERSON , I'm gonna take you to meet the greatest investors in the world People that I would like to have managing my money. Revolution I kicked up a lot of controversy declaring that the internet had been under hyped. I say the same thing today DATE about the climate revolution. How important energy is to the world. Rackings the conflict has put a $30 MONEY barrel premium into the oil market it got up with my colleague Francine Laquar PERSON We think that oil is there for the long term in terms of even an idiot energy transition So Maybe concerned about what what obviously the next 18 months DATE is gonna do for financing and and for our cash balances but over the long term we're quite confident that oil will remain at at stable and and good enough prices for us. How does a short term? Yes. The war in Ukraine GPE . Of course, what we're seeing with COVID changed the Transition. Does that get pushed back? You have to you have to keep an eye on that as well but the Mistake that a lot of us a lot of people have made Before the the Ukraine war was to say this is gonna be a war against fossil fuels and that we must stop This crisis in Ukraine Through GPE all the humanitarian issues that come with it Hydrocarbons have AA big role to play now can we make the hydrocarbons cleaner and and more efficient absolutely that's how what we're trying to do and that At the lowest Cash cost and carbon footprint. Now, we need to stay there. That's gonna require a lot of investment. It's just bad.

Access the financial world on demand Hear from leading economists Policy makers. And industry experts via live and on demand webinars. Only from Bloomberg ORG . Start exploring to see what's moving the markets. Visit Bloomberg PERSON . Com webinars People ask me all the time what is the key to being a really good investor can I tell them it's the surround yourself with and work with the best investors you can find on Bloomberg Wealth PERSON I'm gonna take you to meet the greatest The people that i would like to have managing my money that the start of the internet revolution I have kicked up a lot of controversy declaring that the internet had been under hyped. I say the same thing today DATE about the climate revolution. Energy was of course the major theme of the week DATE and the deputy chair and CEO of the Kuai Patrolium Corporation ORG told us he thinks the war in Ukraine GPE has only highlighted how important energy is to the world Premium into the oil market. It caught up with my colleague Francine Laquar PERSON . We think that oil is there for the long term in terms of even an idiot energy transition. So We may be concerned about what what obviously the next 18 months DATE is gonna do for financing and and for our cash Good enough prices for us. Yes the war in Ukraine GPE of course what we're seeing with COVID The energy transition. Does that get pushed back? You have to keep an eye on that as well but the Mistake that a lot of us a lot of people have made before the the Ukraine war was to say this is gonna be a war against fossil fuels and that we must stop oil production. Well, the world is using more carbon now than it ever did before. And this crisis in in Ukraine Next GPE to all the humanitarian issues that come with it shows you that energy is required to fuel the future and hydrocarbons have AA big role Storage using carbon as EOR processes or really abating the carbon footprint of the oil barrel. We're in Kuwait GPE and Footprint Now, we need to stay there. That's gonna require a lot of investment. If you speak to climate activists Investment in the short term or no. He continued investment I mean prices where they are that is spring investment you're seeing some Overtime you're seeing a lot of us also continuing to to produce now four four CARDINAL companies like KPC ORG we look at the long term so we're investing right through the cycle but companies that that don't do that are are putting in more investment right now The question right now is really about the cash cost Of of those investments with inflation and and steel prices and whatnot. Yeah. Going through the roof. It's going to be an issue. And the energy price is so high right now. I see AA war premium of about $30 MONEY in the current price right now that but for the war and in Ukraine GPE you'd probably be seeing About $89 MONEY barrel oil which is not that high. Over the past it's it's actually you know it takes you back to the the last thing that we had so it's

Lot of controversy declaring that the internet had been under hyped. I say the same thing today DATE about the climate revolution. Energy was of course the major theme of the week DATE and the deputy chair and CEO of the Kuai Patrolium Corporation ORG told us he thinks the war in Ukraine GPE has only highlighted how important energy is to the world Premium into the oil market. It got up with my colleague Franci Laquar PERSON . We think that oil is there for the long term in terms of even an idiot energy transition. So We maybe concerned about what what obviously the next 18 months DATE is gonna do for financing and and for our cash balances but over Term we're quite confident that oil were remained at at stable and and good enough prices for us. How does a short term? Yeah. The war in Ukraine GPE . Of course, what we're seeing with COVID changed the energy transition. So, the AIA ORG said look Does that get pushed back? No you have to you have to keep an eye on that as well but the Mistake that a lot of us had a lot of people have made Before the the Ukraine war was to say this is gonna be a war against fossil fuels and that we must stop oil production. Well, the world is using more carbon Next to all the humanitarian issues that come with it. Shows you that energy is required to fuel the future and hydrocarbons have AA big role Storage using carbon as EOR processes or really abating the carbon footprint of the oil barrel. We're in Kuwait GPE and In cash cost And carbon footprint. Now, we need to stay there. That's gonna require a lot of investment. Investment in the short term or no. Continued investment. That is spring DATE investment. Overtime you're seeing a lot of us also continuing to to to produce now four four CARDINAL companies like KPC ORG we look at the long term so we're investing right through the cycle but Companies that that don't do that are are putting in more investment right now. The cash, the game, the the question right now is really about the cash cost of of those investments with inflation and and steel prices and whatnot. Yeah. Going through the roof. It's going to be an issue. With the oil price and the energy price is so high right now. Use prices to stabilize. I see AA war premium of about $30 MONEY in the current price right now that but for the war and and Ukraine GPE you'd probably be seeing About $89 MONEY barrel oil which is not that high. Over the past month DATE that we had so somewhere in the Which is still comfortable. Economy is about a third CARDINAL of what it was about 20 years ago DATE . And it continued to go down. So, oil prices, yes, they do impact Economic growth to a certain type of Do you see any demand destruction in our conversation Anywhere. We're getting And some cases a little bit more. Up next Steve Mnuchin PERSON on why he has a lot of confidence in Jay Paul PERSON in the fight against inflation this is Bloomberg PERSON .

Oil is there for the long term in terms of even any energy transition. So We may be concerned about what what obviously the next 18 months DATE is gonna do for financing and and for our cash Stable and good enough prices for Yes. Of course what we're seeing with COVID change the energy transition so the AA said look we have to start with Does that get pushed back? As well but the Mistake that a lot of us a lot of people have made before the the Ukraine war was to say this is gonna be a war against fossil fuels and that we must stop oil production. Well, the world is using more carbon now than it ever And this crisis in in Ukraine GPE All the humanitarian issues that come with it And hydrocarbons have AA big role to play now can we make the hydrocarbons cleaner and and more efficient absolutely that's how what we're trying to do Carbon Or really abating the carbon footprint of the oil barrel. We're in Kuwait GPE and I mentioned this earlier that I weird Kuwait GPE at the lowest end of the cost curve both in cash cost and carbon footprint. Now, we need to stay there. That's gonna require a lot of investment. See more investment in the short term or no. Continued investment. And you're seeing US GPE production going up overtime. You're seeing a lot of us. Also continuing to to to produce now four four CARDINAL companies like KPC ORG . We look at the long term so we're investing right through But companies that that don't do that are are putting in more investment right now the question right now is really about the cash cost of of those investments withinflation and and steel prices and whatnot. Yeah. Going through the roof. It's going to be an issue. With the oil price and the energy price is so high right now. Speaking these prices to stabilize I see AA war premium of about $30 MONEY in the current price right now that but for the war and in Ukraine GPE you'd probably be seeing Barrel PERSON oil which is not that high. Over the past Talk to the the last big bump that we had so somewhere in the $ 67 MONEY range which is still comfortable. The energy intensity of the world economy is about a third CARDINAL of what it was about 20 years ago DATE . And it's continued to go down. So since I put the the The size of that impact has has diminished incorrectly. In our conversation we're the best We're getting Calls from our customers say demanding the same amount of oil in some cases a little bit more. Up next Steve Mnuchin PERSON on why he has a lot of confidence in Jay Paul PERSON in the fight against inflation this is Bloomberg PERSON . I'm David Weston PERSON . Yes it's about renewables. This is a level of uncertainty that we haven't had to deal with. Television and radio.

It's just bad. Investment in the short term or no. He continued investment. I mean, prices where they are, that is spring investment. You're seeing some Overtime you're seeing a lot of us also continuing to to produce now four four CARDINAL companies like KPC ORG we look at the long term so we're investing right through the cycle but companies that that don't do that are are putting in more investment right now Right now is really about the cash cost Of of those investments with inflation and and steel prices and whatnot. Yeah. Going through the roof. It's going to be an issue. But the oil price and the energy price is so high right now. I see AA war premium of about $30 MONEY in the current price right now that but for the war and and Ukraine GPE you'd probably be seeing About $89 MONEY barrel oil which is not that high. And that is adjusted for inflation over the past three DATE it's it's actually you know it takes you back to the the last thing that we had so it's somewhere in Which is still comfortable. City of the world economy is about a third CARDINAL of what it was about 20 years ago DATE and it continued to go down so oil prices yes they do impact Economic growth. The Alright ORG . The size of that impact has has diminished. I haven't yet seen demands The same calls from our customers say demanding the same amount of oil and some cases of a little bit more. Up next Steve Mnuchin PERSON on why he has a lot of confidence in Jay Paul PERSON in the fight against inflation this is Bloomberg PERSON . I'm David Weston PERSON . Yes it's about renewables. This is a level of uncertainty that we haven't had to deal with. Television and radio Months DATE do you see that coming true Moment news breaks 24 hours TIME a day. Bloomberg PERSON your global business authority. Welcome back to the secretary Steven Mnuchin PERSON says inflation in the US GPE can be brought under control if energy prices settle down and the federal reserve ORG follows through on its pledge to continue raising interest rates I do have a lot of confidence in in chair power by the way it's fun I can now talk about the fed ORG I wasn't allowed to talk about fed ORG policy for many years you you know I I guess my my most important advice to the administration is don't do anything to shock the economy They had been talking about raising taxes. They had been talking about making different changes. Not now is not

Over the past month DATE that we had so it's somewhere in the $ 67 MONEY range which is still comfortable. The energy intensity of the world economy is about a third CARDINAL of what it was about 20 years ago DATE . And it's continued to go down Oil prices yes they do impact Economic growth. The Alright ORG . The size of that impact has has diminished incredible. Would you see any demand destruction in our conversation? Anywhere. I haven't yet seen the structure. We're getting Calls from our customers say demanding the same amount of oil and some cases a little bit more. Steve Mnuchin PERSON on why he has a lot of confidence in Jay Paul PERSON in the fight against inflation. This is Bloomberg PERSON . I'm David Weston PERSON . We think that's the next secular shift from businesses most influential and instrumental. This is a level of uncertainty that we haven't had to deal with. No one covers the world like Bloomberg PERSON . Do you see that coming Where are the job cuts to come from? 24 hours TIME a day. Bloomberg PERSON . Welcome back to the Says inflation in the US GPE can be brought under control I do have a lot of confidence in in Chara Powell PERSON by the way it's fun I can now talk about the fed ORG I wasn't allowed to talk about Fed ORG policy for many years DATE you know I I guess my my most Advice GPE to the administration is don't do anything to shock the economy So they had been talking about raising taxes. They had been talking about making different changes. Not now is not the time to put any additional shocks. Things like gas tax on the margin may help a little bit but this is really now the federal resource job and the administration needs to Careful not to get in the way. I do think, you know, the number one CARDINAL thing the administration can do and I think it's not just them. It's obviously otherworld leaders is we need to find a political solution to this war. A military solution alone Not going to be what stops this. You have confidence in chairman Powell PERSON and you know well. Having worked together And other members of the federal reserve ORG . The reality, however, is that financial markets aren't certain whether they have confidence in chairman Powell PERSON There's a growing consensus that the federal reserve ORG isn't raising rates fast enough Said PERSON lost credibility with it's Perspective on inflation that it was transitory two CARDINAL questions Do you think that the federal reserve ORG needs to raise rates at a faster clip than they have outlined for the American NORP public and for that matter for the world Hey.

Up next Steve Mnuchin PERSON on why he has a lot of confidence in Jay Paul PERSON in the fight against inflation this is Bloomberg PERSON . Wall St. From businesses most influential and instrumental. This is a level of uncertainty that we haven't had to deal with. Television and radio No one covers the world like Bloomberg PERSON . In the coming months DATE do you see that coming 24 hours TIME a day. Bloomberg PERSON your global business authority. Welcome back to the best of Carter Economic Forum ORG former Treasury ORG Secretary Steven Manuchin PERSON says inflation in the US GPE can be brought onto control Follows through on its pledge to continue raising interest rates. He spoke to Bloomberg PERSON 's Eric Shatska PERSON . I do have a lot of confidence in in chairpower. By the way, it's fun. I can now talk about the fed ORG . I wasn't allowed to talk about fed ORG policy for many years DATE . You know, I I guess my my most Advice GPE to the administration is don't do anything to shock the economy So they had been talking about raising taxes. They had been talking about making different changes. Not now is not the time to put any additional shocks. Things like gas tax on the margin may help a little bit but this is really now the federal resource job and the administration needs to be Careful not to get in the way. I do think you know the number one CARDINAL thing the administration can do And I think it's not just them it's obviously other world leaders is we need to find a political solution To this war. A military solution alone Not going to be what stops this You have confidence in chairman Powell PERSON and you know well. Having worked together The reality however is that financial markets aren't certain whether they have confidence in chairman Powell PERSON There's a growing consensus that the federal reserve ORG isn't raising rates fast enough and the fed ORG lost credibility with its Inflation that it was transitory Two CARDINAL questions Think that the federal reserve needs to raise rates at a faster clip than they have outlined for the American NORP public and for that matter for the world And What will it take to restore that last credibility Well let me just say it wasn't just the federal reserve the administration also Was talking about inflation would be under control. So, you know, I think from the Fed ORG stamp point Hindsight they clearly waited too long but having said that when your managing the economy near the federal reserve I think you have to balance both sides of that equation I don't buy that the Fed ORG has lost credibility I think the fact that the Fed ORG moved in 75 CARDINAL basis points which The go is not what the market expected I think chairpower is now signal another 75 CARDINAL basis points I think if you look at the dots which I never was a big fan of these dogs

Replays all weekend DATE on bloomberg PERSON television and radio No one covers the world like Bloomberg PERSON . In the coming months DATE do you see that coming We will not just cut Resources The moment news breaks 24 hours TIME a day. Says inflation in the US GPE can be brought onto control Follows through on its pledge to continue raising interest rates. He spoke to Bloomberg PERSON 's Eric Shatska PERSON . I do have a lot of confidence in in chair power. By the way, it's fun I can now talk about the fed ORG . I wasn't allowed to talk about Fed ORG policy for many years DATE . You know, I I guess my my most Advice GPE to the administration is don't do anything to shock the economy So they had been talking about raising taxes. They had been talking about making different changes. Not now is not the time to put any additional shocks. Things like gas tax on the margin may help a little bit. But this is really now the federal resource job and the administration needs to be Not to get in the way. I do think, you know, the number one CARDINAL thing the administration can do And I think it's not just them it's obviously other world leaders is we need to find a political solution To this war. Military solution alone Not going to be what stops this. You have confidence in chairman Powell PERSON whom you know well Having worked together with him and other members of the Federal Reserve ORG . The reality, however, is that financial markets aren't certain whether they have confidence in chairman Powell PERSON . There's a growing consensus that the federal reserve ORG isn't raising rates fast enough and the fed ORG lost credibility with its On inflation that it was transitory Two CARDINAL questions Think that the Federal Reserve ORG needs to raise rates at a faster clip than they have outlined for the American NORP public and for that matter for the world And Will it take to restore that last credibility Well, let me just say it wasn't just the federal reserve. The administration also Was talking about inflation would be under control. So, you know, I think from the Fed ORG stamp point Hindsight they clearly waited too long but having said that when your managing the economy near the federal reserve I think you have to balance both sides of that equation I don't buy that the Fed ORG has lost credibility I think the fact that the fed ORG moved in 75 CARDINAL basis points which Ago PERSON is not what the market expected. I think chair power is now signaled. Another 75 CARDINAL basis points. I think if you look at the dot plots which I never was a big fan of these dot plots but that's another story. You know, I think the market understands that expectations are the fed ORG is the feds gonna raise rights. I think the portfolio is just as important and they're they're beginning to slow There. You know, look, a year ago DATE , I said, we're gonna have 10 year DATE treasuries three to three and a half percent CARDINAL and people fought that was really high. We basically have ten-year DATE treasures at three to three and a half percent CARDINAL . If the market really didn't have credibility in the fed ORG , interest rate, the long end would be a lot hot In the desk. Economic forum.

Thing to shock the economy So they had been talking about raising taxes. They had been talking about making different changes. Not now is not the time to put any additional shocks. Things like gas tax on the margin may help a little bit. But this is really now the federal resource job and the administration needs to Careful not to get in the way. I do think, you know, the number one CARDINAL thing the administration can do and I think it's not just them. It's obviously other world leaders is we need to find a political solution to this war. A military solution alone Not going to be what stops this You have confidence in chairman Powell PERSON and you know well. Having worked together And other members of the federal reserve ORG . The reality, however, is that financial markets aren't certain whether they have confidence in chairman Powell PERSON . There's a growing consensus that the federal reserve ORG isn't raising rates fast enough and the fed ORG lost credibility with its Perspective on inflation that it was transitory two CARDINAL questions Do you think that the Federal Reserve ORG needs to raise rates at a faster clip than they have outlined for the American NORP public and for that matter for the world And What will it take to restore that last credibility Well let me just say it wasn't just the federal reserve the administration also Was talking about inflation would be under control. So, you know, I think from the Fed ORG stamp point In hindsight they clearly waited too long Having said that when you're managing the economy near the federal reserve I think you have to balance both sides of that equation I don't buy that the Fed ORG has lost credibility I think the fact that the Fed ORG moved in 75 CARDINAL basis points which a month ago DATE is not Market expected. I think chairpower is now signaled. Another 75 CARDINAL basis points. I think if you look at the dot plots which I never was a big fan of these dog plots but that's another story You know I think the market understands that expectations are the the feds gonna raise rights. I think the portfolio is just as important and there there beginning to slow that down. You know look a year ago DATE I said we're gonna have 10 year DATE treasuries three to three CARDINAL And people thought that was really high we basically have 10 year DATE treasures at three to three and a half percent CARDINAL If the market really didn't have credibility in the federal the long end would be a lot hotter than it is. And the CEO of the He thinks that even if you're enters one, he still bullish on the region. To my colleague We could go into a recession in some part of the world maybe in Europe LOC I had commented that we might go on to our recession in Europe LOC because of the energy prices of pressure But also I have a positive review on Europe LOC and General Island LOC a long term Europe LOC as a destination of a lot of talent They have a very good education system It's a tourist ticket destination as well And they have on top of this they have also an advanced program in the renewables and this is will give them an advantage over any other you know countries So It might be a little bit difficult in Europe LOC but in the long run I'm bullish about it. So is is Europe LOC at the Your biggest worry but also your biggest opportunity. If you look at the part of cash, how much you wanna put in Europe LOC compared to other regions in the world? See from from 2018 DATE , once we have announce our strategy, we we were very vocal about our concentration in Europe LOC . Yeah. And at the same time we have said that we will not be stopping and resting in Europe LOC . We will be very selective But we are going full speed and and the US GPE market and Asia LOC . We have a you know other friends I said

Do you think that the Federal Reserve ORG needs to raise rates at a faster clip than they have outlined for the American NORP public and for that matter for the world And What will it take to restore that last credibility Well let me just say it wasn't just the federal reserve the administration also Was talking about inflation would be under control. So, you know, I think from the Fed ORG standpoint Hindsight they clearly waited too long but having said that when you're managing the economy near the Federal Reserve ORG I think you have to balance both sides of that equation I don't buy that the Fed ORG has lost credibility I think the fact that the Fed ORG moved in 75 CARDINAL basis points which The go is not what the market expected. I think chair power is now signaled. Another 75 CARDINAL basis points. I think if you look@the. Plot which I never was a big fan of these dot plots but that's another story. You know, I think the market understands that The fed ORG 's gonna raise rights. I think the portfolio is just as important and there there beginning to slow that down. You know, look, a year ago DATE , I said, we're gonna have 10 year DATE treasuries, three to three and a half percent CARDINAL and people fought that was really high. We basically have 10 year DATE treasures To three and a half percent DATE . If the market really didn't have credibility in the fed ORG , interest rate, the long end would be a lot hotter than it is. Enters one he still bullish on the region Mansour Ben PERSON Ibrahim Al Mahmud PERSON To my colleague Franci Laquar PERSON . We could go into a recession in some part of the world maybe in Europe LOC I had commented that we might go into a recession in Europe LOC because of the energy prices of pressure But also I have a positive review in Europe LOC and General in the long term Europe LOC as a destination of a lot of talent They have a very good education system It's a tourist ecstatic destination as well And and they have on top of this they have also an advanced program in the renewables and this is will give them an advantage over any other you know countries So It might be a little bit difficult in Europe LOC but in the long run I'm bullish about it. So is is Europe LOC at the moment that your biggest But also your biggest opportunity if you look at the part of cash how much you wanna put in Europe LOC compared to other regions in the world see from from 2018 DATE once we have an answer or strategy we we were very vocal about our concentration in Europe LOC no And at the same time we have said that we will not be stopping investing in Europe LOC . We will be very selective. But we are going for the speed and and the US GPE market and Asia LOC . We have a, you know, other friends I said to location of geographies and we would like to To reach a proper location between the geographies But again, Europe LOC , we will, we will not stop investing. We will continue investing. Where I have, I wasn't in Europe LOC recently and I'm meeting and I have noticed a lot of activities and technology space In Europe LOC . I I think at some point you're looking for assets, infrastructure, assets in Africa LOC , is it still the case? Yeah, of course, I've been if we can deploy more and have we can and for a structure would be a fantastic. We have been investing in renewables as well and and Africa LOC . And we would like to do more. It's a little bit than a slower pace and other you know a countries We are trying to find our partner to deploy more in Africa LOC . Anything with Russia GPE so you you haven't a non I mean actually AA pretty sizable and considerable assets in rush hour what will happen to them Status quo. We are not investing more in Russia GPE . At the same time to be practical. You cannot take

I think chairpower is now signal. Another 75 CARDINAL basis points. I think if you look at the dot plots which I never was a big fan of these dot plots but that's another story You know I think the market understands that expectations The fed ORG 's gonna raise rates I think the portfolio is just as important and they're they're beginning to slow that down you know look a year ago DATE I said we're gonna have 10 year DATE treasuries three to three and a half percent CARDINAL and people fought that was really high we basically have 10 year DATE treasures at three CARDINAL to If the market really didn't have credibility in the fed ORG , interest rate, the long end would be a lot hotter than it is. Even if Europe LOC enters one he still bullish on the region Mantua NORP been Ibrahim Al Mahmud PERSON spoke to my colleague We could go into a session in some part of the world maybe in Europe LOC I had commented that we might go onto our recession in Europe LOC because of the energy prices of pressure But also I have a positive review on Europe LOC and General in the long term. Europe LOC as a destination of a lot of talent They have a very good education system It's a tourist ticket destination as well And they have on top of this they have also an advanced program in the renewables and this is will give them an advantage over Any other you know countries. It might be a little bit difficult in Europe LOC but in the long run I'm bullish about it. So is is your about the moment that your biggest Worry but also your biggest opportunity if you look at the part of cash how much you wanna put in Europe LOC compared to other regions in the world see from from 2018 DATE once we have an answer or strategy we we were very vocal about our concentration in Europe LOC And at the same time we have said that we will not be stopping investing in Europe LOC . We will be very selective. But we are going full speed and and the US GPE market and Asia LOC We have a you know other friends Location ORG and term of geographies and we would like to To reach a proper location between the geographies Again Europe LOC we will we'll not stop investing. We will continue investing. We have I wasn't in Europe LOC recently and I'm meeting and I have noticed a lot of activities and technologies based In Europe LOC . I I think at some point you're looking for assets, infrastructure, assets, and Africa LOC . Is it still the case? Yeah, of course, I've been if we can deploy more in African NORP and for a structure would be a fantastic. We have been investing and renewables as well and and Africa LOC . And we would like to do more. It's it's a little bit than a slower pace and other you know a countries But we are trying to find our partner to deploy more in Africa LOC . Anything with Russia GPE so you you haven't a non I mean actually AA pretty sizable and considerable assets in Russia GPE what will happen to them Still status quo we are not investing more in Russia GPE at the same time to be practical you cannot exit I know some some companies have announced to to exit it but and a reality they couldn't We are monitoring the situation in Russia GPE . We are in full compliance with the international sanction. We are our team on top of this in a daily basis to make sure that there are And bidding any any update on the sanction But we always wish and hope that this is will be settled very soon for the sake of the people of of Ukraine GPE Are you in touch with the Russian NORP government about some of these assets? Naturally right now but but you know we have a big a big investment in Rosener PERSON as you know Rosenth ORG itself is not undersanction. Of course we have a fiduciary to our future generation of course we will be in

The long end would be a lot hotter than it is. Even if Europe LOC enters one he still bullish on the region Mansour Ben Ibrahim Al Mahud PERSON spoke We could go into a recession in some part of the world maybe in Europe LOC I had commented that we might go into a recession in Europe LOC because of the energy prices of pressure But also I have a positive review in Europe LOC and General in the long term Europe LOC as a destination of a lot of talent They have a very good education system It's a tourist ecstatic destination as well And and they have on top of this they have also an advanced program in the renewables and this is will give them an advantage over any other you know countries So It might be a little bit difficult in Europe LOC but in the long run I'm bullish about it. So is is Europe LOC at the moment that your biggest But also your biggest opportunity if you look at the part of cash how much you wanna put in Europe LOC compared to other regions in the world see from from 2018 DATE once we have an answer or strategy we we were very vocal about our concentration in Europe LOC no And at the same time we have said that we will not be stopping investing in Europe LOC . We will be very selective. But we are going for the speed and and the US GPE market and Asia LOC . We have a, you know, other friends I set a location and term of geographies and we would like to To reach a proper location between the geographies But again, Europe LOC , we will, we will not stop investing. We will continue investing. Where I have, I wasn't in Europe LOC recently and I'm meeting and I have noticed a lot of activities and technology space In Europe LOC . I I think at some point you're looking for assets, infrastructure, assets in Africa LOC , is it still the case? Yeah, of course, I've been if we can deploy more in Africa LOC and for a structure, we'd be fantastic. We have been investing in renewables as well, and and Africa LOC , and we would like to do more. It's it's a little bit than a slower pace and other you know a countries We are trying to find our partner to deploy more in Africa LOC . Anything with Russia GPE so you you haven't a non I mean actually AA pretty sizable and considerable assets in Russia GPE what will happen to them? Status quo. We are not investing more in Russia GPE . At the same time to be practical. You cannot exit. I know some some companies have announced to to exit it but and a reality they couldn't. We are monitoring the situation in Russia GPE . We are in full compliance with the international sanction. We are our team on top of this in a daily basis to make sure that there are And bidding any any update on the sanction But we always wish and hope that this is will be settled very soon for the sake of the people of of Ukraine GPE . Or are you in touch with the Russian NORP government about some of these assets? Naturally right now but but you know we have a big a big investment in Rose GPE enough as you know Rosenth ORG itself is not under sanction. Of course we have a fiduciary 2 hour TIME future generation of course we will be in touch of them for for the dividends that we we deserve. But any further investment now What do you do with crypto right now so it was I mean it's up it's down depends on stable coins or or other ones are you interested Cause? No, trip to now. A blockchain yes. We have very clear review on this and and our team and and the technology space are exploring opportunities and the blockchain. And that's all from the counter economic forum right here in Doha GPE . You can find complete coverage of the event including full interviews and articles. The destination, Bloomberg PERSON . Com.

We're going full speed and and the US GPE market and Asia LOC We have a you know other friends Location ORG in term of geographies and we would like to To a proper location between the geographies But again Europe LOC we will we'll not stop investing. We will continue investing. Where I have I was in Europe LOC recently and I'm meeting and I have noticed a lot of activities and technology space and in Europe LOC . I think at some point you're looking for assets infrastructure acids in Africa LOC is it still the case yeah of course I've been if we can deploy more and if we can and for Australia GPE would be a fantastic we have been investing and renewables as well and and Africa LOC and we would like to do more It's it's a little bit in a slower pace and other you know a countries But we are trying to find our partner to deploy more in Africa LOC . Anything with Russia GPE so you you haven't a non I mean actually AA pretty sizable and considerable assets in rush hour what will happen to them Still status go we are not investing more in Russia GPE at the same time to be practical you cannot take this I know some some companies have announced to to exit it but in reality they couldn't We are monitoring the situation in Russia GPE . We are in full compliance with the international sanction. We are our team on top of this in a daily basis to make sure that there are And bidding any any update on the sanction But we always wish and hope that this is will be settled very soon for the sake of the people of of your crime. Are you in touch with the Russian NORP government about some of these assets? Really right now but but you know we have a big a big investment in Rosener PERSON as you know Rosenth ORG itself it's not undersanction Of course we have a fiduciary to our future generation of course we will be in touch of them for for the dividends that we we deserve. But any further investment now What do you do with crypto right now? So it was I mean it's up. It's down. Depends on stable coins or or other ones. Are you interested? So nice at class? No. Trip to now. A blockchain yes We have very clear review on this and and our team and and the technology space are exploring opportunities in the blockchain. And that's all from the cutter economic forum right here in Doha GPE . You can find complete coverage of the event including full interviews and articles, the destination, Bloomberg PERSON . Com. This is Bloomberg Bloomberg PERSON has enhanced search on the terminal to deliver what you need when you need it. Now, you can simply type phrases in everyday English LANGUAGE in the command line. Compare financials You can enter phrases Ask questions. What do you want to know today DATE ? Ask a question or visit search go to find answers now. Access the financial world on demand Hear from leading economists Policy makers. And industry experts be alive and on demand webinars. Only from Bloomberg ORG . Start exploring to see what's moving the markets. Visit Bloomberg PERSON . Com webinars People ask me all the time what is the key to being a really good investor I tell them it's the surround yourself with and work with the best investors you can find.

Happened to them? Status quo we are not investing more in Russia GPE at the same time to be practical you cannot exit I know some some companies have announced to to exit it but an an reality they couldn't We are monitoring the situation in Russia GPE . We are in full compliance with the international sanction. We are our team on top of this in a daily basis to make sure that there are And bidding any any update on the sanction But we always wish and hope that this is will be settled very soon for the sake of the people of of Ukraine GPE Are you in touch with the Russian NORP government about some of these assets? Naturally right now but but you know we have a big a big investment in Rosenette ORG as you know Rosenth ORG itself is not undersanction Of course we have a fiduciary to our future to generation of course we will be in touch of them for for the dividends that we we deserve. But any further investment now What do you do with crypto right now so it was I mean it's up it's down depends on stable coins or or other ones are you interested at something as a class no trip to now A blockchain yes We have very clear view on this and and our team and and the technology space are exploring opportunities in the blockchain. And that's all from the cutter economic forum right here in Doha GPE . You can find complete coverage of the event including full interviews and articles, the destination, Bloomberg PERSON . Com. This is Bloomberg Bloomberg PERSON has enhanced search on the terminal to deliver what you need when you need it. Now, you can simply type phrases in everyday English LANGUAGE in the command line. Compare financials You can enter phrases Or ask questions. What do you want to know today DATE ? Ask a question or visit search go to find answers now. Access the financial world on demand Hear from leading economists Policy makers. And industry experts via live and on demand webinars. Only from Bloomberg ORG . Start exploring to see what's moving the markets. Visit Bloomberg PERSON . Com webinars People ask me all the time what is the key to being a really good investor I tell them it's the surround yourself with and work with the best investors you can find on Bloomberg Wealth PERSON I'm gonna take you to meet the greatest investors in the world the people that I would like to have managing my money that the start of the internet revolution I kicked up a lot of controversy declaring that the internet had been under hyped. I say the same thing today DATE about the climate revolution. Yes it's about renewables This is a level of uncertainty that we haven't had to deal with. Television and radio.

It's not intersanction Of course we have a fiduciary 2 hour TIME future generation of course we will be in touch of them for for the dividends that we we deserve. But any further investment now What do you do with crypto right now? So, it was, I mean, it's up, it's down, depends on stable coins or or other ones. Are you interested? So nice at class? No, trip to No. A blockchain yes We have very clear review on this and and our team and and the technology space are exploring a opportunities in the blockchain. And that's all from the counter economic forum right here in Doha GPE . You can find complete coverage of the event including full interviews and articles, the destination, Bloomberg PERSON . Com. This is Bloomberg Bloomberg PERSON has enhanced search on the terminal. To deliver what you need. When you need it. Now, you can simply type phrases in everyday English LANGUAGE in the command line. Compare financials You can enter phrases Or ask questions. What do you want to know today DATE ? Ask a question or visit search go to find answers now. Access the financial world on demand. Hear from leading economists Policy makers. And industry experts via live and on demand webinars. Only from Bloomberg ORG . Start exploring to see what's moving the markets. Visit Bloomberg PERSON . Com webinars People ask me all the time what is the key to being a really good investor can I tell them it's the surround yourself with and work with the best investors you can find on Bloomberg Wealth PERSON I'm gonna take you to meet the greatest investors in the world Have managing my money that the start of the internet revolution I kicked up a lot of controversy declaring that the internet had been under hyped. I say the same thing today DATE about the climate revolution. Yes it's about renewables This is a level of uncertainty that we haven't had to deal with. Bloomberg PERSON television and radio. Inflation is a terrible thing. Inflation you could tower. Rainfall GPE . I don't think it's a currency. I think it's a commodity. Today DATE , we're in an everything boat. Hi Eric Shatzker PERSON and welcome to Bloomberg PERSON 's Front Row today DATE i'm talking to Jean Hines PERSON the CEO of Wellington Management Boston ORG based Wellington GPE is one CARDINAL of the world's largest asset managers with almost $one MONEY . 30 billion CARDINAL of investments but It's a private partnership. The firm has been shrouded in mystery. Jean PERSON is changing that. She's also making ESG investing one of Wellington GPE 's top priorities. She says.

Economic forum right here in Doha GPE . You can find complete coverage of the event including full interviews and articles, the destination, Bloomberg PERSON . Com. This is Bloomberg PERSON . Bloomberg PERSON has enhanced search on the terminal to deliver what you need when you need it now you can simply type phrases in everyday English LANGUAGE in the command line Compare financials People. Or ask questions. What do you want to know today DATE ? Ask a question or visit search go to find answers now. Access the financial world on demand. Hear from leading economists Policy makers. And industry experts be alive and on demand webinars. Only from Bloomberg ORG . Start exploring to see what's moving the markets. Visit Bloomberg PERSON . Com webinars People ask me all the time what is the key to being a really good investor I tell them it's the surround yourself with and work with the best investors you can find on Bloomberg Wealth PERSON I'm gonna take you to meet the greatest investors in the world the people that I would like to have managing my money that the start of the internet revolution I kicked up a lot of controversy declaring that the internet had been under hyped. I say the same thing today DATE about the climate revolution. This is We think that's the next secular shift from businesses most Yes it's about renewables. This is a level of uncertainty that we haven't had to deal with. Television and radio Deflation is a terrible thing. Inflation you could tower. Rainfall GPE . I don't think it's a currency. I think it's a commodity. Today DATE , we're in and everything Bob PERSON . I'm Eric Shatzker PERSON and welcome to Bloomberg's Front Row ORG . Today DATE , I'm talking to Jean Hines PERSON , the CEO of Wellington Management ORG . Boston GPE based Wellington GPE is one CARDINAL of the world's largest asset managers with almost $one MONEY . 30 billion CARDINAL of investments. But because it's a private partnership, the firm has been shrouded in mystery. Jean PERSON is changing that. She's also making ESG investing one of Wellington GPE 's top priorities. She says sustainability will transform the structure of financial markets. We don't think it's woke. We think it's part of like a very very important part of studying the That in the risk set of of 5000 CARDINAL companies. Is that to say there's alpha and ESG or alpha and sustainability? Yeah, absolutely. Do you believe that? I believe that. Gina and I explore the strategies and perspectives that make Wellington GPE different and are defining her tenures CEO. Why she's still believes in globalization and having a presence in China GPE ? The virtues and challenges of active management. What to expect from Wellington GPE .

People ask me all the time what is the key to being a really good investor I tell them it's the surround yourself with and work with the best investors you can find on Bloomberg Wealth PERSON I'm gonna take you to meet the greatest investors in the world the people that I would like to have managing my money that the start of the internet revolution I kicked up a lot of controversy declaring that the internet had been under hyped. I say the same thing today DATE about the climate revolution. Renewable. This is a level of uncertainty that we haven't had to deal with. Television and radio. Deflation is a terrible thing. Inflation you could tower. Info PERSON . I don't think it's a currency. I think it's a commodity. Today DATE , we're in and everything Bob PERSON . I'm Eric Shatzker PERSON and welcome to Bloomberg's Front Row ORG . Today DATE , I'm talking to Jean Hines PERSON , the CEO of Wellington Management ORG . Boston GPE based Wellington GPE is one CARDINAL of the world's largest asset managers with almost $one MONEY . 30 billion CARDINAL of investments. But because it's a private partnership the firm has been shrouded in mystery. Changing that. ESG investing one of Wellington GPE 's top priorities She says sustainability will transform the structure of financial markets. We don't think it's wolf we think it's part of like a very very important part of studying the Sustainability ORG . Yeah, absolutely. You believe that? I believe that. Jean PERSON and I explore the strategies and perspectives that make Wellington GPE different and are defining her tenures CEO. Virtues and challenges of active management. What to expect from Wellington GPE 's expansion into alternatives? The value of staying private. Here's my conversation with Jean Hines PERSON . Jean Wellington PERSON . Is one CARDINAL of the world's largest investment firms. But To Black Rock GPE , Pimco NORP , Sidelity NORP , Vanguard ORG , I could name others of course. It's hardly known. And certainly not well understood. Why? For a long history, we have had a very low public profile. So, that that would be number one. I would say another reason is that we are a subvisor. So, our largest business one of our largest businesses to be a subvisor to other Companies that are well known household names such as Vanguard ORG and Fidelity ORG and T Row Price for example. So, we would we don't we don't market directly to consumers. We are the content provider. So you combine those two CARDINAL that we're not, we're not actually, we're not a household name, brand name, but in also with the same time, we had a very low public profile It's probably the reason most people don't know us. Is Public profile flying under the radar if you like being a little mysterious good for business a competitive advantage it Served us well over time. I think for our current, if you, if you look in 2022 DATE , why am I talking to you today DATE ? We rely on partners. We're finding that it is important that our brand is known for our content. I think Very importantly and maybe even more importantly I also think it helps with talents So it's very interesting.

Inflation is a terrible thing. Inflation you could tower. Info PERSON . I don't think it's a currency. I think it's a commodity. Today DATE , we're in and everything Bob PERSON . I'm Eric Shatzker PERSON and welcome to Bloomberg's Front Row ORG . Today DATE , I'm talking to Jean Hines PERSON , the CEO of Wellington Management ORG . Boston GPE -based Wellington GPE is one of the world's largest asset managers with almost $one MONEY . 30 billion CARDINAL of investments. But It's a private partnership the firm has been shrouded in mystery Jean PERSON is changing that. She's also making ESG investing one of Wellington GPE 's top priorities. Sustainability will transform the structure of financial markets. We don't think it's wolf we think it's part of like a very very important part of studying the Is that to say there's alpha and ESG or alpha and sustainability? Yeah, absolutely. Do you believe that? I believe that. Gina and I explore the strategies and perspectives that make Wellington GPE different and are defining her tenures CEO. Why she's still believes in globalization and having a presence in China GPE the virtues and challenges of active management. What to expect from Wellington GPE 's expansion into alternatives? The value of staying private. Here's my conversation with Jean Hines PERSON . Jean Wellington PERSON . Of the world's largest investment firms. But To Black Rock GPE , Sidelity I could name others of course It's hardly known. And certainly not well understood Why? For a long history, we have had a very low public profile so that that would be number one. I would say another reason is that we are a sub advisor. So, our largest business One CARDINAL of our largest businesses to be a subvisor to other companies that are well known household names such as Vanguard ORG and Fidelity ORG and T Row Price for example. So, we would we don't we don't market directly to consumers. We are the content provider So you combine those two CARDINAL that we're not we're not actually we're not a household name brand name but in also with the same time we had a very low public profile is probably the reason most people don't Us. Is Low public profile flying under the radar if you like being a little mysterious good for business a competitive advantage It probably served us well over time. I think for our current, if if you look in 2022 DATE , why am I talking to you today DATE ? We rely on partners. We're finding that it is important that Brand ORG is not known for our content. I think Maybe even more importantly I also think it helps with talents So, it's very interesting that, you know, for years DATE and years DATE and years, we would be, we would try to have track talent and no one would ever know anything about us And that served us that was fine when we were a Boston GPE -based company but when we began to globalize and and begin to hire investors all over the world that didn't serve us well. Hasn't it in the asset management industry, the importance of having a brand? Most of the asset management industry has made a bet. Yeah. On sustainability. Yeah. But ESG is is under attack There are state governments. Yeah. Here in the US GPE that are War on sustainable finance. They they're calling it wokeism. What do you think of that? We're not investing on the same ability from a value based perspective. We're investing in our capabilities from a how do we research companies? How are these companies earning? It's gonna how what are the risks to the companies from ESG factors? What are the opportunities for From an ESG factor. So, we don't think it's woke. We think it's part of like a very, very important part of studying the That in the risk set of

Mystery. Jean PERSON is changing that. She's also making ESG investing one of Wellington GPE 's top priorities. She says sustainability will transform the structure of financial markets. We don't think it's woke we think it's part of like a very very important part of studying the opportunity set and the risk set of of 5000 CARDINAL companies is that to say there's alpha and ESG or alpha and sustainability yeah absolutely do you believe that I believe that. Gina and I explore the strategies and perspectives that make Wellington GPE different and are defining her tenures CEO. Why she's still believes in globalization and having a presence in China GPE ? The virtues and challenges of active management. What to expect from Wellington GPE 's expansion into alternatives? The value of staying private. Here's my conversation with Jean Hines PERSON . Jean Wellington PERSON . One CARDINAL of the world's largest investment firms. But To Black Rock GPE , Sidelity Vanguard I could name others of course It's hardly known And certainly not well understood. Yeah. Why? For a long history, we have had a very low public profile. So, that that would be number one. I would say another reason is that we are a subvisor. So, our largest business one of our largest businesses to be a sub advisor to other companies that are well known, household name Such as Vanguard ORG and Fidelity ORG and T Row Price for example. So, we would we don't we don't market directly to consumers. We are the content provider. So you combine those two CARDINAL that we're not, we're not actually, we're not a household name, brand name, but in also with the same time, we had a very low public profile Is probably the reason most people don't know us. Is having a low public profile flying under the radar if you like being a little mysterious. Good for business. A competitive advantage. It probably served us well overtime. I think for our current if you if you look in 2022 DATE why am I talking to you today DATE ? I think the main reason is because we're a subvisor and we rely on partners. We're finding that it is important that that our brand is known for our content. I think Very importantly and maybe even more importantly I also think it helps with talents So it's very interesting that you know for years DATE and years DATE and years we would be we would try to have track talent and no one would ever know anything about us And that served us that was fine when we were a Boston GPE based company but when we began to globalize and and begin to hire investors all over the world that didn't serve us well. Hasn't it in the asset management industry the importance of having a brand most of the asset management industry has made a bet. Yeah. On sustainability. Yeah. But ESG is is under attack Right there are state governments. Here in the US GPE that are waging war on sustainable finance. They they they're calling it wokeism. What do you think of that? We're not investing on the same ability from a value based perspective. We're investing in our capabilities from a how do we research companies? How are these companies earning? It's gonna how what are the risks to the From ESG factors. What are the opportunities for companies from an ESG factor? So, we don't think it's woke. We think it's part of like a very, very important part of studying the Sat ORG in the risk set of of 5000 CARDINAL companies. Is that to say there's alpha and ESG or alpha and sustainability? Apps PERSON ? Yeah, absolutely. You believe that? I believe that. The alpha will all be in the nuance of company research. You know, what, you know, which companies and and in the life science tools industry for example are going to create products to help biologic manufacturing, be less admitting. You're only going to be able to figure that out by meeting with 20 1000 CARDINAL companies like we do every year. So, if you will of like building a moment Model PERSON and back testing it. Of what the factors were in the last decade DATE . Almost every CEO. In almost every industry. Grew up believing that globalization was good. And globalizing has been a priority. Yeah. Of Wellington GPE 's for

Why she's still believes in globalization and having a presence in China GPE The virtues and challenges of active management. What to expect from Wellington GPE 's expansion into alternatives? The value of staying private. Here's my conversation with Jean Hines PERSON . Jean Wellington PERSON One of the world's largest investment firms. But To Black Rock GPE , Sidelity Vanguard I could name others of course. It's hardly known. And certainly not well understood. Why? For a long history, we have had a very low public profile. So, that that would be number one. I would say another reason is that we are a subvisor. So, our largest business one of our largest businesses to be a sub advis Other companies that are well known, household names, such as Vanguard ORG and Fidelity ORG and T Row Price for example. So, we would we don't we don't market directly to consumers. We are the content provider. So, you combine those two CARDINAL that we're not, we're not actually, we're not a household name, brand name, but in also with the same time, we had a very low public Most people don't know us. Is Public profile flying under the radar if you like being a little mysterious. Good for business. A competitive advantage. It Served us well over time. I think for our current if if you look in 2022 DATE why am I talking to you today DATE ? We rely on partners. We're finding that it is important that that our brand is known for our content. I think Very importantly and maybe even more importantly I also think it helps with talents So, it's very interesting that, you know, for years DATE and years DATE and years, we would be And no one would ever know anything about us And that served us that was fine when we were a Boston GPE based company but when we began to globalize and and begin to hire investors all over the world that didn't serve us well. That's been a big change, hasn't it in the asset management industry, the importance Having a brand. Most of the asset management industry has made a bet. Yeah. On sustainability. Yeah. But suddenly ESG is is under attack Right there are state governments. Here in the US GPE that are waging war on sustainable finance. They they they're calling it wokeism. What do you think of that? We're not investing on the same ability from a value based perspective. We're investing in our capabilities from a how do we research companies? How are these companies earnings gonna how what are the risks to the News from ESG factors. What are the opportunities for companies from an ESG factor? So, we don't think it's woke. We think it's part of like a very, very important part of studying the That in the risk set of of 5000 CARDINAL companies is that to say there's alpha and ESG or alpha and sustainability? You believe that? You know, what, you know, which company is in Science tools industry for example are going to create products to help biologic manufacturing be less admitting you're only going to be able to figure that out by meeting with 20 1000 CARDINAL companies like we do every year. Us GPE if you will of like building a momentum model and back testing it. Of what the factors were in the last decade DATE . Almost every CEO. In almost every industry. Grew up believing that globalization Was good. And globalizing has been a priority. Yeah. Of Wellington GPE 's for. Yeah. 15 years DATE . Yeah. Is that still the case Yes, I would, I would suspect that as at the end of my tenure at Wellington GPE instead of having 30% PERCENT of our employees in Europe LOC and Asia LOC , it could be closer to 40% PERCENT of our employees. So, we are deliberately and intentionally continuing into invested in our offices around the globe. But you're The deglobilization is we're in a period of of regime change and declabilization. There is great investment talent all over the globe. Really great investment talent. We're we're we don't have a monopoly. We use.

Been more importantly I also think it helps with talents So it's very interesting that you know for years DATE and years DATE and years we would be we would try to have a track talent and no one would ever know anything about us And that served us that was fine when we were a Boston GPE -based company but when we began to globalize and and begin to hire investors all over the world that didn't serve us well. Hasn't it in the asset management industry the importance of having a brand most of the asset management industry has made a bet yeah on sustainability yeah But suddenly ESG is is under attack. Our state governments. Yeah. Here in the US GPE that are War on sustainable finance. They they're calling it wokeism. What do you think of that? We're not investing on the same ability from a value based perspective. We're investing in our capabilities from a how do we research companies? How are these companies earning? It's gonna how what are the risks to the companies from ESG factors? What are the opportunities or From an ESG factor. So, we don't think it's woke. We think it's part of like a very, very important part of studying the That in the risk set of of 5000 CARDINAL companies. Is that to say there's alpha and ESG or alpha and sustainability? Yeah, absolutely. You believe that? Alpha I'll be in the nuance of company research You know, what, you know, which companies in Science ORG tools and disrefer example are going to create products to help Manufacturing. Be less admitting. You're only going to be able to figure that out by meeting with 20 1000 CARDINAL companies like we do every year. You will of like building a momentum model and back testing it. Of what the factors were in the last decade DATE . Almost every CEO In almost every industry. Grew up believing that globalization It. Globalizing has been a priority. Yeah. Of Wellington GPE 's for. Yeah. 15 years Is that still the case? Wellington GPE instead of having 30% PERCENT of our employees in Europe LOC and Asia LOC it could be closer to 40% PERCENT of our employees so we are deliberately and intentionally continuing into invested in our offices around the globe but you're right Globalization PERSON is we're in a period of regime change and deglobilization. I don't think that necessarily impacts our business into the extent that there is great investment talent all over the globe. Really great investment talent. We're we're we don't have a monopoly. We used to think we had a monopoly of investment talent in Boston GPE and that clearly wasn't the You know, the reason we began to globalize our investment platform is is that the world was expanding the number of companies that were in Europe LOC and Asian NORP . Who are we to say that we're gonna follow all those from our Boston GPE office That was the reason we began to expand and I think that is still true that we are, this is a global firm, this is a global economy, and even if if there are certain trends that are de globalizing. There is still a world there for us to either think about from a company perspective or think about from a from an economic from an economic perspective. China GPE has become And is still becoming an increasingly complex place in which to do business. How do you manage that? So we have a presence in our Hong Kong GPE office and we have a small presence in our China GPE and in in China GPE Rashang High office. We are expanding our license to be able to invest in in the onshore China GPE . Right now, it's small. But with an important place for us to do research. Are you already starting to do anything differently because clients are Concerned about inflation because of the impact on their portfolios of rising rates because of the potential for a recession Long lived it may be. Oh I think our clients have not made major changes. There's definitely more interest in our our commodities capabilities. Our inflation capabilities, our value, investing capabilities, which have been out of favor and and unfortunately, for for us, we continue doing More interest than they have had in the past

An ESG factor. So, we don't think it's woke. We think it's part of like a very, very important part of studying the That in the risk set of of 5000 CARDINAL companies. Is that to say there's alpha and ESG or alpha and sustainability? Yeah, absolutely. You believe that? Alpha I'll be in the nuance of company research You know, what, you know, which companies in in the life science tools industry for example are going to create products to help Biologic PERSON manufacturing be less admitting you're only going to be able to figure that out by meeting with 20 1000 CARDINAL companies like we do every year. If you will of like building a momentum model and back testing it. Of what the factors were in the last decade DATE . Almost every CEO In almost every industry Grew up believing that globalization And globalizing has been a priority. Yeah. Of Wellington GPE 's for 15 years DATE . Yeah. Is that Yes I would I would suspect that as at the end of my tenure at Wellington GPE instead of having 30% PERCENT of our employees in Asia LOC . It could be closer to 40% PERCENT of our employees. So, we are deliberately and intentionally continuing into invested in our offices around the globe. But you're right. The De Globalization ORG is we're in a period of of regime change and deglobilization. I don't think that necessarily impacts our business and to the extent There is great investment talent all over the globe. Really great investment talent. We're we're we don't have a monopoly. We used to think we had a monopoly of investment talent in Boston GPE and that clearly wasn't the case. You know, the reason we began to globalize our investment platform is is that the world was expanding the number Who are we to say that we're gonna follow all those from our Boston GPE office That was the reason we began to expand and I think that is still true that we are is a global firm. This is a global economy and even if if there are certain trends that are de globalizing. There is still a world there for us to either think about from a company perspective or think about from a from an economic from an economic perspective. China GPE has become And is Coming and increasingly complex place in which to do business How do you manage that? So, we have a presence in our Hong Kong GPE office and we have a small presence in our China GPE and in China GPE Through saying hi office we are expanding our license to be able to invest in in the onshore China GPE right now it's small but with an important place for us to do research are you already starting to do anything differently because clients are Concerned about inflation because of the impact on their portfolios of rising rates because of the potential for a recession however long lived it may be oh I think Clients have not made major changes there's definitely more interest in our our commodities capabilities our inflation capabilities our value investing capabilities which have been out of favor and and unfortunately for for us we continue to To those teams. More interest than they have had in the past Companies know they're getting hundreds CARDINAL maybe even thousands CARDINAL of applications so software is come in to automate the process you wanna write your resume for robots not for humans the only job your resume has is to be comprehensible to the software that is reading it because that software or rob Whether or not a human ever gets their eyes on it. That might not be totally inclusive or not be Concerns about how this technology could exacerbate discrimination. The FTC ORG needs to be making sure that we're fully understanding this technology. We don't trust companies to self regulate when it comes to pollution. We don't trust them to self regulate what it comes to workplace comp. Why on earth would we trust them to self regulate AI ORG ?

Almost every industry Grew up believing that globalization was good And globalizing has been a priority. Yeah. Of Wellington GPE 's for. Yeah. 15 years DATE . Yeah. Is that still the case? Yes, I would, I would suspect that as at the end of my tenure at Wellington GPE instead of having 30% PERCENT of our employees in Europe LOC and Asia LOC , it could be closer to 40% PERCENT of our employees. So, we are deliberately and intentionally continuing into invested in our offices around the globe. But There is great investment talent all over the globe. Really great investment talent. We're we're we don't have a monopoly. We used to think we had a monopoly of investment talent in Boston GPE and that clear Wasn't the case. You know, the reason we began to globalize our investment platform is is that the world was expanding the number of companies that were in Europe LOC and Asian NORP . Who are we to say that we're gonna follow all those from our Boston GPE office That was the reason we began to expand and I think that is still true that we are this is a global firm. This is a global economy and even if if there are certain trends that are deglobalizing. There is still a world there for us either think about from a company perspective or think about from a from a economic from an economic perspective. China GPE has become And is still becoming an increasingly complex place in which to do business. How do you manage that? So we have a presence in our Hong Kong GPE office and we have a small presence in our China GPE and and in China Right now it's small but it's an important place for us to do research are you already starting to do anything differently because clients are Concerned about inflation because of the impact on their portfolios of rising rates because of the potential for a recession Long lived it may be. Oh I think our clients have not made major changes. There's definitely more interest in our our commodities capabilities, our inflation capabilities, our value, investing capabilities, which have been out of favor and and unfortunately for for us, we continue to More interest than they have had in the past Companies now they're getting hundreds CARDINAL maybe even thousands CARDINAL of applications so softwares come in to automate the process you wanna write your resume for robots not for humans the only job your resume has is to be comprehensible to the software that is reading it because that software or rob Is gonna decide whether or not a human ever gets their eyes on it. Concerns about how this technology could exacerbate discrimination for the FTC ORG I think for most the FTC ORG needs to be making sure that we're fully understanding this technology. We don't trust companies to self regulate when it comes to pollution. We don't trust them to self regulate what it comes to workplace comp. Why on earth would we trust them to self regulate AI ORG ? In the coming months DATE do you see that coming The moment news breaks 24 hours TIME a day. Bloomberg PERSON . Wellington GPE is an active manager Texting? No. How come that's not our core skill set going back to what is our core skills that our core skill set is being a research based And having these teams

Our business into the extent that there is great investment talent all over the globe. Really great investment talent. We're we're we don't have a monopoly. We used to think we had a monopoly of investment talent in Boston GPE and that clearly wasn't the case. You know, the reason we began to globalize our investment platform is is that the world was expanding the number of Beneath that were in Europe LOC and Asian NORP who are we to say that we're gonna follow all those from our Boston GPE office That was the reason we began to expand and I think that is still true that we are is a global firm. This is a global economy and even if if there are certain trends that are declabilizing. There is still a world there for us to either think about from a company Or think about from a from an economic from an economic perspective. China GPE has become And is still becoming an increasingly complex place in which to do business. How do you manage that? So we have a presence in our Hong Kong GPE office and we have a small presence in our China GPE and and in China GPE We're saying hi office. We are expanding our license to be able to invest in in the onshore China GPE . Right now, it's small. But with an important place for us to do research. Are you already starting to do anything differently because clients are Concerned about inflation because of the impact on their portfolios of rising rates because of the potential for a recession however long lived it may be I think our clients have not made major changes. There's definitely more interest in our our commodities capabilities, our inflation capabilities, our value, investing, capabilities, which have been out of favor and and fortunately for for We continue to invest in those teams but those are probably on the margin more interest than they have had in the past. Companies know they're getting hundreds CARDINAL maybe even thousands CARDINAL of applications so softwares come in to automate the process you wanna write your resume for robots not for humans the only job your resume has is to be comprehensible to the software that is reading it because that software or rob Gonna decide whether or not a human ever gets their eyes on it. Concerns about how this technology could exacerbate discrimination. For the FTC ORG , I think for most the FTC ORG needs to be making sure that we're fully understanding this technology. We don't trust companies to self regulate when it comes to pollution. We don't trust them to self regulate what it comes to workplace comp. Why on earth would we trust them to self regulate AI ORG ? No one covers the world like Bloomberg PERSON . Seven% in the coming months DATE do you see that coming through We will not just cut and run. The moment news breaks 24 hours TIME a day. Bloomberg PERSON . Wellington GPE is an active manager. No indexing? No. No passives? No. How come? That's not our core skill set going back to what is our core skills that our core skill set is being a research based And having these teams of of portfolio managers with different skill sets that practice their philosophy and process. There were research based content company generating insights about the world. Let's completely opposite of passive investing. Am I correct in saying? That the implicit promise to investors and actively managed Is that they'll either get alpha I beat the market. Yeah. Or better risk adjusted returns. Yeah I I think for us that it would I think Clients are asking for both of us, right? Hey portal

Unfortunately, for, for us, we continue to invest in those teams. But those are probably on the margin more interest than they have had in the past. Companies know they're getting hundreds CARDINAL maybe even thousands CARDINAL of applications so softwares come in to automate the process you wanna write your resume for robots not for humans the only job your resume has is to be comprehensible to the software that is reading it because that software or rob Gonna decide whether or not a human ever gets their eyes on it. Segment of the population that might not be totally inclusive or not be Concerns about how this technology could exacerbate discrimination. Really FTC ORG I think for most the FTC ORG needs to be making sure that we're fully understanding this technology. We don't trust companies to self regulate when it comes to pollution. We don't trust them to self regulate what it comes to workplace comp. Why on earth would we trust them to self regulate AI ORG ? In the coming months DATE do you see that coming The moment news breaks 24 hours TIME a day. Bloomberg PERSON your global business authority. Wellington GPE is an active manager No no passives no. How come? That's not our core skills that going back to what is our core skills that our core skill set is being a research based And having these teams of of portfolio managers with different skill sets that practice their philosophy and process. There were research-based content company generating insights about the world. Let's completely opposite of passive investing. Am I correct in saying that the implicit promise to investors and actively managed Is that they'll either get alpha I beat the market. Yeah. Or better risk adjusted returns. Yeah I I think for us that it would I think Clients are asking for both of us, right? They're asking clients for it all. Alpha and risk adjusted returns and that's Post a full financial crisis. Risk the pathway returns has become more important. But you go back to the basics. If you can generate 100 CARDINAL basis points of Far ORG a 200 CARDINAL basis points of alpha over indeceased that is a tremendous compounding effect. The reality, however, is that a cross the asset management industry, the active. Yeah. Investment management industry. Alpha is oh or sometimes negative after fees and the returns aren't any better on a risk adjusted So, if that remains the case, what is the future for active management? We need to earn a return. We need to earn it. We need to earn that alpha. So, that's that's what we're trying to do. We're trying to we've created an environment where we have this and I I do mean this. We have an incredible investment ecosystem. We don't have a CIO. We have an 600 CARDINAL An investment ecosystem that that collaborates that shares ideas that we're different perspective, different opinions on the same subject are welcome and thrive. If we can continue to do that and that's that, that's the input. Like, can we do that? Then, hopefully, our output over time. Well, generate those returns. Private Assets and alternatives. Yeah. Are still a small piece. Yeah. Of Wellington GPE 's $ one MONEY . 20 billion CARDINAL in NAUM. How do you grow those parts of the business? Yeah. When the competitors are large? Established and in many cases, excellent at what they do. Into the private business in 2014 DATE and so our first ORDINAL fund, our first ORDINAL , first group of fund is now on. It's fourth ORDINAL fund. So, we. That was the the growth equity initiative. Yeah, so we have four CARDINAL by the end of this year DATE , we're gonna have four CARDINAL platforms. Growth equity Biotech climate technology and investing in diverse

Trust them to self regulate AI In the coming months WORK_OF_ART . We will not just cut The moment news breaks 24 hours TIME a day. Bloomberg PERSON . Wellington GPE is an active manager No indexing. How come that's not our core skill set going back to what is our core skills that our core skill set is being a research based Portfolio manager with different skill sets that practice their philosophy and process There were research based content company generating insights about the world. Let's completely opposite of passive investing. Am I correct in saying that the implicit promise to investors and actively managed products? Is that they'll either get alpha? I'd beat the market. Yeah. Or better risk adjusted returns. Yeah I I think for us that it would I think you you if it's clients are asking for both of us right I'm asking clients for it all alpha Alpha and risk adjusted returns and that's postful financial crisis. Risk the pathway returns has become more important. But you go back to the basics. If you can generate 100 CARDINAL basis points of alpha, a 200 CARDINAL basis points of alpha, over indeceased, that is a tremendous compounding effects. The reality, however Is that across the asset management industry the active investment management Alpha PRODUCT is oh or sometimes negative after fees and the returns aren't any better on a risk adjusted basis. So, Remains the case. What is the future for active management? We need to earn a return. We need to earn it. We need to earn that alpha. So, that's that's what we're trying to do. We're trying to we've created an environment. We already have this and I I do mean this. We have an incredible investment ecosystem. We don't have a CIO. We have an 600 CARDINAL person investment eco That call that collaborates that shares ideas that we're different perspective, different opinions on the same subject are welcome and thrive. If we can continue to do that and that's that that's the input. Like, can we do that? Then, hopefully, our output over time will generate those returns. Private assets and altern Are still a small piece. $ One MONEY . 20 billion CARDINAL in In a UM ORG . How do you grow those parts of the business? Yeah. When the competitors are large? Established and in many cases, excellent at what they do. Into the private business in 2014 DATE and so our first ORDINAL fund, our first ORDINAL , first group of fund is now on. It's fourth ORDINAL fund. So, we. That was the the growth equity initiative. Yeah, so we have four CARDINAL , by the end of this year DATE , we're gonna have four CARDINAL platforms Growth equity Climb PRODUCT a technology and investing in diverse founders. So, where else can we go? So, that's the question. Like, where else are we, what are our ambition? Yeah, where else does it? The world can we go? We have a very Public footprint and credit. So, there are areas that we should play on the private side and credit to be successful. We don't have to be, it's not about being number one CARDINAL or number two CARDINAL . It's about growing that part of the business and generating great results for clients that help, that help the overall business. Is true on on real estate so we have a very strong structure that capabilities as well as real estate equity capabilities so can we attract talent to help us all the compliment those on the public side you know longer term we we have we have we have One hybrid fund. You know, you could envision us having hybrid funds by sector that could that let's like a natural extensions. We have such strong sector teams. So, those assets are what right now. Altogether. Should be seven CARDINAL or eight 1 billion so it's a small part.

How come that's not our core skill set going back to what is our core skills that our core skill set is being a research based Portfolio manager with different skill sets that practice their philosophy and process. There were research-based content company generating insights about the world. Let's completely opposite of passive investing. Am I correct in saying that the implicit promise to investors in actively managed Is that they'll either get alpha I beat the market. Yeah. Or better risk adjusted returns. Yeah I I think for us that it would I think Clients are asking for both of us, right? Hey portal call Alpha Alpha LOC and risk adjusted returns and that's post a full financial crisis risk the pathway returns has become more important but you go back to the basics if you can generate 100 CARDINAL basis points of alpha a 200 CARDINAL basis points of alpha over indeceased that is a tremendous compounding effects the reality however Cross ORG the asset management industry the active investment management Alpha PRODUCT is oh or sometimes negative after fees and the returns aren't any better on a risk-congested basis. So, if that remains the case, what is the For active management. We need to earn a return. We need to earn it. We need to earn that alpha. So, that's that's what we're trying to do. We're trying to we've created an environment. We already have this and I I do mean this. We have an incredible investment ecosystem. We don't have a CIO. We have an 600 CARDINAL person investment ecosystem that that Different ORG opinions on the same subject are welcome and thrive. If we can continue to do that and that's that that's the input. Like can we do that? Then hopefully our output over time will generate those returns. Private assets and alternatives. Yeah. Are still a small Yeah. Of Wellington GPE 's $ one MONEY . 20 billion in In a UM ORG . How do you grow those parts of the business? Yeah. When the competitors are large? Established and in many cases, excellent at what they do. Into the private business in 2014 DATE and so our first ORDINAL fund, our first ORDINAL , first group of fund is now on. It's fourth ORDINAL fund. So, we. That was the the growth equity initiative. Yeah, so we have four CARDINAL , by the end of this year DATE , we're gonna have four CARDINAL platform Growth equity Climb PRODUCT a technology and investing in diverse founders. So, where else can we go? So, that's the question like, where else are where what are our ambitions? Overall, can we go? We have a very Public footprint and credit. So, there are areas that we should play on the private side and credit. To be successful, we don't have to be, it's not about being number one CARDINAL or number two CARDINAL . It's about growing that part of the business and generating great results for clients that help, that help the overall business. Same is true on on real estate so we have a very strong structured debt capabilities as well as real estate equity capabilities so can we attract talent to help us all the compliment those on the public side you know longer term we should we have we have we have One hybrid fund. You know, you could envision us having hybrid funds by sector that could that let that like a natural extensions. We have such strong sector teams. So, those assets are what right now. Altogether. Should be seven CARDINAL or eight 1 billion so it's a small part but still an important part of the business. It's an alternatives. Privates are an alternative. They're seven to eight CARDINAL . The liquid alternatives. We've been in that Been in the long short business since 1994 DATE . Mm hmm. And that that business is approximately 30 1 billion MONEY . Okay. So, put them together and you're getting close to 40. Gina, there aren't many people In your position who started out. No. As administrative assistants. And rose to become CEO at the same company really the only place you've ever worked yes Tell me your story. So, go back to college. So, first ORDINAL of all, I, my parents were Irish NORP immigrants My mother raised six CARDINAL kids and my father was a Brooklayer PERSON . So, I didn't know anything about stock market. We didn't talk about stocks around the kitchen table at my house. But I I would say.

Clients are asking for both of us right Clients want it all And Alpha and risk adjusted returns and that's postful financial crisis. Risk the pathway returns has become more important. But you go back to the basics. If you can generate 100 CARDINAL basis points of alpha, a 200 CARDINAL basis points of alpha over indeceased. That is a tremendous compounding effects. The However, is that across the asset management industry, the active investment management industry, Is oh or sometimes negative after fees and the returns aren't any better on a risk adjusted basis so Remains the case. What is the future for active management? We need to earn a return. We need to earn it. We need to earn that alpha. So, that's that's what we're trying to do. We're trying to we've created an environment. We already have this and I I do mean this. We have an incredible investment ecosystem. We don't have a CIO. We have an 600 CARDINAL person investment eco Shares ideas that we're different perspective different opinions on the same subject are welcome and thrive if we can continue to do that and that's that that's the input like can we do that then hopefully our output over time will generate those returns private assets and altern Are still a small piece. $ One MONEY . 20 billion CARDINAL in In a UM ORG . How do you grow those parts of the business? Yeah. When the competitors are large? Established and in many cases, excellent at what they do. Into the private business in 2014 DATE and so our first ORDINAL fund, our first ORDINAL , first group of fund is now on, it's fourth ORDINAL fund. So, we. That was the the growth equity initiative. Yeah, so we have four CARDINAL , by the end of this year DATE , we're gonna have four CARDINAL platforms Growth equity Climb PRODUCT a technology and investing in diverse founders. So, where else can we go? So, that's the question. Like, where else or where, what are our ambition? Yeah, where else does it? The world can we go? We have a very Public footprint and credit. So, there are areas that we should play on the private side and credit to be successful. We don't have to be, it's not about being number one CARDINAL or number two CARDINAL . It's about growing that part of the business and generating great results for clients that help, that help the overall business. The same is true on on real estate. So, we Very strong structured debt capabilities as well as real estate equity capabilities so can we attract talent to help us all though compliment those on the public side you know longer term we we have we have a we have one hybrid fund you know you could envision Having hybrid funds by sector that could that like that's like a natural extensions where you have such strong sector teams. So those assets are what right now. Altogether. Should be seven CARDINAL or eight 1 billion so it's a small part but still an important part of the business. It's an alternatives. Privates and alternatives are seven CARDINAL , eight, the liquid alternatives. We've been in that, we've been in the long short Since 1994 DATE and that that business is approximately 30 1 billion MONEY . Okay. So, surprise together and you're getting close to 40 CARDINAL . Many people In your position who started out as administrative assistant And rose to become CEO at the same company really the only place you've ever worked yes Tell me your story. So, go back to college. So, first ORDINAL of all, I, my parents were Irish NORP immigrants My mother raised six CARDINAL kids and my father was a brick layer. So, I didn't know anything about stock market. We didn't talk about stocks around the kitchen table at my house but I I would say they were very focused on education and so I Practically a full scholarship to Welsie College ORG . Which was an amazing experience. In in as one of those, one of the classes I took, which was in my junior year, it was sociology. It was a sociology class That you had to get a job. I recall it has a class you have to take. This was the class you had to take but I just happened to get a job at a brokerage firm in Boston GPE . And so that was my first ORDINAL introduction to the stock market and I did not like the cold calling part of the business but I was just fascinated by the stock market and that's how I found my way to Wellington GPE .

Both equity initiatives. Yeah, so we have four CARDINAL , by the end of this year DATE , we're gonna have four CARDINAL platforms. Growth equity Biotech climate technology and investing in diverse founders. So, where else can we go? So, that's the question like where else or where are ambitions? Yeah, where else does it where else can we go? We have a very Public footprint and credit. So, there are areas that we should play on the private side and credit to be successful. We don't have to be, it's not about being number one CARDINAL or number two CARDINAL . It's about growing that part of the business and generating great results for clients that help that help the overall business. The same is true on on real estate so we have a very strong structured debt capabilities as well as real estate equity capabilities. So can we attract talent to help us all the compliment those on the public side? You know, longer term, we we have we have a we One hybrid fund. You know, you could envision us having hybrid funds by sector that could that's like a natural extensions. We have such strong sector teams. So, those assets are what right now. All together. By the end of the year DATE , they should be seven CARDINAL or eight 1 billion. So, it's a small part. But still an important part of That that's that's privates and alternatives. Privates and alternatives are seven to eight CARDINAL . The liquid alternatives. We've been in that we've been in the long short business since 1994 DATE and that that business is approximately 30 1 billion MONEY . Okay. So supplies together in your getting To 40 CARDINAL . People. In your position who started out As administrative assistants. Yeah. And Rose PERSON to become CEO at the same company. Really, the only place you've ever worked. Yes. Tell me your story. So, go back to college. So, first ORDINAL of all, I, my parents were Irish NORP immigrants. My mother raised six CARDINAL kids and my father was a brick layer. So, I didn't know anything about stock market. Around the kitchen table at my house but I I would say they were very focused on education and so I Got practically a full scholarship to Welsie College ORG . Which was an amazing experience. And and as one of those one of the classes I took which was in my junior year it was sociology. It was a sociology class That you had to get a job. I recall it has a class you have to take. This was the class you had to take but I just happened to get a job at a brokerage firm in Boston GPE . And so that was my first ORDINAL introduction to the stock market and I did not like the cold calling part of the business but I was just fascinated by the stock market and that's how I found my way to Wellington GPE and Wellington GPE was just beginning to expand they were higher higher in college graduates as administrative So that story. Start to manage money. Yup. And at what point did you realize that this firm was interested in cultivating you as a leader? So, I started managing money in 1997 DATE and so and every year from then, I began to manage more money in 1999 DATE . I I was able to run a Tech ORG portfolio 2000 DATE . Those portfolio management skills. Hey Again, my leadership journey right around the time I moved to London GPE . So, I moved my family to London GPE in 2007 DATE and 2008 as we began to globalize our investment platform. It was really about culture. It was also becoming more independent from my cocoon here in Boston GPE . I'm from a very large Family PRODUCT a big Irish NORP family I had I had my my my life was planned out I had social events all the time barbecues here so I actually do think moving to London GPE being alone with my small family unit Away PERSON from the person I worked with for 16, 17 years DATE , was the beginning of my leadership journey. And then I became managing partner in 2014 DATE . You're still running the world's largest health care fund. Yes. How's that possible? Managing 46 1 million dollars MONEY With all the research and all the analysis that it takes to stand top of such a complex industry set of industries really. What also being the CEO?

All together. By the end of the year DATE , they should be seven CARDINAL or eight 1 billion. So, it's a small part. But still an important part of the That that's that's privates and alternatives. Privates and alternatives are seven to eight CARDINAL . The liquid alternatives. We've been in that we've been in the long short business since 1994 DATE and that that business is approximately 30 1 billion MONEY . Okay. So Who started out as administrative assistants Comes CEO at the same company really the only place you've ever worked yes Tell me your story. So, go back to college. So, first ORDINAL of all, I at my parents were Irish NORP immigrants. My mother raised six CARDINAL kids and my father was a brick layer. So, I didn't know anything about stock market. We didn't Around the kitchen table at my house but I I would say they were very focused on education and so I Practically a full scholarship to Welsie College ORG . Which was an amazing experience. In in as one of those one of the classes I took which was in my junior year it was sociology. It was a sociology class That you had to get a job. Every college has a cost you have to take. This was the class you had to take but I just happened to get a job at a brokerage firm in Boston GPE . And so that was my first ORDINAL introduction to the stock market and I did not like the cold calling part of the business but I was just fascinated by the stock market and that's how I found my way to Wellington GPE and Wellington GPE was just beginning to expand they were higher higher in college graduates as administrative So that story. Start to manage money. Yeah. And at what point did you realize that this firm was interested in cultivating you as a leader? So, I started managing money in 1997 DATE and so and every year from then, I began to manage more money in 1999 DATE . I I was able to run a Tech ORG portfolio 2000 DATE . Those portfolio management skills. Hey Again, my leadership journey right around the time I moved to London GPE . So, I moved my family to London GPE in 2007 DATE and 2008 as we began to globalize our investment platform. It was really about culture. It was also becoming more independent from my cocoon here in Boston GPE . I'm from a very large Family PRODUCT a big Irish NORP family I had I had my my my life was planned out I had social events all the time barbecues here so I actually do think moving to London GPE being alone with my small family unit Away PERSON from the person I worked with for 16, 17 years DATE , was the beginning of my leadership journey. And then I became managing partner in 2014 DATE . You're still running the world's largest health care fund. Yes. How's that possible? Managing 46 1 million dollars MONEY With all the research and all the analysis that it takes to stand top of such a complex industry set of industries really. What also being the CEO? Yup. And while also being I hasten to add a mom to four CARDINAL daughters. How do you do that? So, everyone has super strengths, right? Everyone, everyone, everyone has super strengths. One CARDINAL of my super strengths is your superpower. Superpower is organization. Is organized and and sort of a superpower and processes. I think it would be, it would probably be impossible. The product may read made in the USA GPE but Microsoft ORG such a Nadella IBM's ORG Arvin Krishna PERSON my current technology Sanjay Mayhotra PERSON And that doesn't count Indians NORP running companies all over the world. Incredibly competitive education system if you can survive the pressure it takes to get into one of the Indian Institutes of Technology ORG it gives you confidence to handle American NORP universities and later

Kids and my father was a brick layer. So, I didn't know anything about stock market. We didn't talk about stocks around the kitchen table at my house but I I would say they were very focused on education and so I Practically a full scholarship to Welsie College ORG . Which was an amazing experience. In in as one of those, one of the classes I took, which was in my junior year, it was sociology. It was a sociology class That you had to get a job. I recalled how the class you have to take. This was the class you had to take. But I just happened to get a job at a brokerage firm in Boston GPE . And so that was my first ORDINAL introduction to the stock market and I did not like the cold calling part of the business but I was just fascinated by the stock market and that's how I found my way to Wellington GPE and Wellington GPE was just beginning to expand they were higher higher in college graduates as administrative Systems. Did you start to manage money? Yeah. And at what point did you realize that this firm was interested in He was a leader. So, I started managing money in 1997 DATE So in every year DATE from then I began to manage more money in 1999 DATE I I was able to run a biotech portfolio and in 2000 DATE I was able to run a sleeve of the Hartford Healthcare Fund ORG and then the decade of the 2000 DATE 's was really like honing those research those portfolio management skills. I began my leadership journey Right around the time I moved to London GPE . So, I moved my family to London GPE in 2007 DATE and 2008 as we began to globalize our investment platform. It was really about culture. It was also becoming more independent from my cocoon here in Boston GPE . I'm from a very large family, a big Irish NORP family. I I had my my my life was planned out. I had social events all the time. Barbecue ORG 's here. So, I actually do think moving To London GPE being alone with my small family unit Away PERSON from the person I worked with for 16, 17 years DATE , was the beginning of my leadership journey. And then I became managing partner in 2014 DATE . The world's largest health care fund. Yes. How's that possible? With all the research and all the analysis that it takes to stand top of such a complex industry set of industries really. While also being the CEO. Yup. And while also being I hasten to add a mom to four CARDINAL daughters. How do you do that? Everyone has super strengths, right? Everyone, everyone, everyone has super strengths. One CARDINAL of my super strengths is. Superpower is organization. If I was Organized and and sort of a superpower and processes. I think it would be it would probably be impossible. Made in the USA GPE but Often PERSON says made in India GPE . Alphabet sun PERSON dark patch eye Microsoft ORG Sacha Nadella IBM's ORG Arvin Krishna PERSON micron technology Sanjay Mehotra PERSON and that's Gap VM ORG ware and that Count Indians NORP running companies all over the world. Why have so many Indians NORP risen to the top? Incredibly competitive education system. If you can survive the pressure it takes to get into one of the Indian Institutes of Technology ORG . It gives you confidence to handle American NORP universities and later at the business world. Meanwhile the belief in India GPE 's ability to produce so many tech wizards is reinforced every year DATE . Indians NORP make up Reforce of the immigrants receiving coveted HoneB visas for the US GPE . And it's a

Fascinated by the stock market and that's how I found my way to Wellington GPE and Wellington GPE was just beginning to expand they were higher higher in college graduates as administrative assistants so that story Start PRODUCT to manage money. Yeah. And at what point did you realize that this firm was interested in cultivating you as a leader? So, I started managing money in 1997 DATE and so and every year from then, I began to manage more money in 1999 DATE . I I was able to run a biotech portfolio And in 2000 DATE I was able to run a sleeve of the Hartford Healthcare Fund ORG and then the decade of the 2000 DATE 's was really like honing those research those portfolio management skills I will say I began my leadership Right around the time I moved to London GPE . So, I moved my family to London GPE in 2007 DATE and 2008 as we began to globalize our investment platform. It was really about culture. It was also becoming more independent from my cocoon here in Boston GPE . I'm from a very large family, a big Iri GPE My life was planned out. I had social events all the time. Barbecues here. So, I actually do think moving to London GPE , being alone with my small family unit. Away from the person I worked with for 16, 17 years DATE , was the beginning of my leadership journey. And then I became managing partner in 2014 DATE . You're still running the world's largest health care fund. Yes. How was that possible? Managing 46 1 million dollars MONEY With all the research and all the analysis that it takes to stand top of such a complex industry set of industries really. What also being the CEO? Yup. And while also being I hasten to add a mom to four CARDINAL daughters. How do you do that? So, everyone has super strengths, right? Everyone, everyone, everyone has super strengths. One CARDINAL of my super strengths is your superpower. Superpower is organization. Is organized and and sort of a superpower and processes. I think it would be, it would probably be impossible. The product may read made in the USA GPE but Often PERSON says made in India GPE . Alphabet sun PERSON dart patch eye Microsoft ORG such a Nadella IBM's ORG Arvin Krishna PERSON my current technology Sanjay Mehotra PERSON and that's just How did the chief executives of Adobe ORG Deloitte Gap VM wear and that doesn' Indians NORP running companies all over the world. Why have so many Indians NORP risen to the top? Coastal ORG points to India GPE 's incredibly competitive education system. If you can survive the pressure it takes to get into one of the Indian Institutes of Technology ORG it gives you confidence to handle American NORP universities and later at the business world. Meanwhile, the belief in India GPE 's ability to produce so many tech wizards is reinforced every year DATE . Indians NORP make up about Reforce of the immigrants receiving coveted H one CARDINAL B visas for the US GPE and it's We've talked About The virtues of being a private partnership Have you ever wondered to yourself of Wellington GPE would be better off Public company? No. Why not? I've I follow public companies my whole career and from a lot of public companies you have to really focus On Continue GPE to operate with a lot.

With all the research and all the analysis that it takes to stand top of such a complex industry set of industries really. While also being the CEO. Yup. And while also being I hasten to add a mom to four CARDINAL daughters. How do you do that? Everyone has super strengths, right? Everyone, everyone, everyone has super strengths. One CARDINAL of my super strengths is. Superpower is organization. If i Organized and and sort of a superpower and processes. I think it would be it would probably be impossible. Product may read made in the USA GPE but Made in India GPE . Alphabet sun PERSON dart patch eye Microsoft ORG Sacha Nadella IBM's ORG Arvin Krishna PERSON micron technology Sanjay Mehotra PERSON and that's And that doesn't count Indians NORP running companies all over the world. Incredibly competitive education system. If you can survive the pressure it takes to get into one of the Indian Institutes of Technology ORG . It gives you confidence to handle American NORP universities and later at the business world. Meanwhile, the belief in India GPE 's ability to produce so many tech wizards is reinforced every year DATE . Indians NORP make up Reforce of the immigrants receiving coveted HoneB visas for the US GPE . And it's a We've talked About The virtues of being a private partnership Have you ever wondered to yourself if Wellington GPE would be better off Public company? No. Why not? I follow public companies my whole career and from a lot of public companies you have to really focus And it's more short-term focus than it was 15 or 20 years ago DATE and the best companies continue to operate with a long-term focus. Our private partnership just allows us to be long-term focused. The other question you would ask, what would ever make us go Dramatic change in the industry where we need a capital in a way we don't need today DATE . This company makes a lot of money We are in the asset management business and if we do well and we generate alpha for our clients it is a profitable business. I was Fishing for something a little bit different which is along the lines of this. There aren't many. Public be treated companies. Yeah. With Management in the neighborhood of Wellington GPE 's. Only handful. But they make, you know, those with a one CARDINAL handle on the trillions. More between one and three 1 billion dollars MONEY a year. In net income. Is that ballpark for Wellington GPE too? You're not gonna get me there. It's a nice try. Participate in the asset management industry We have a You know a similar We're not the same as everyone else. We don't have the we don't we are we are an investment management business. So we earn a fee for managing the money. We're not we're not heavily distribution oriented business. All of our compensation though is geared towards performance. So everyone at Wellington GPE will do better if we For clients and that's the key. How do you decide who gets paid what? That's the other part of our partnership. The three CARDINAL managing partners. Which I've

Competitive education system. If you can survive the pressure it takes to get into one of the Indian Institutes of Technology ORG . It gives you confidence to handle American NORP universities and later at the business world. Meanwhile the belief in India GPE 's ability to produce so many tech wizards is reinforced every year DATE . Indians NORP make up Reforce of the immigrants receiving coveted H one CARDINAL B visas for the US GPE . And it's a We've talked About The virtues of being a private partnership Have you ever wondered to yourself if Wellington GPE would be better off Public company? No. Why not I've I follow public companies my whole career and from a lot of public companies you have to really focus On And it's more short-term focus than it was 15 or 20 years ago DATE and the best companies continue to operate with a long-term focus. Our private partnership just allows us to be long-term focused. The other question you would ask, what would ever make us go public? It would probably be some drama Change in the industry where we need to capital in a way we don't need today DATE . This company makes Alpha for our clients it is a profitable business I was Fishing for something a little bit different which is along the lines of this. There aren't many. Public betrayed companies. Yeah. With Under management in the neighborhood of Wellingtons ORG . Only handful. But they make You know those with a one CARDINAL handle on the trillions CARDINAL Make somewhere between one and three 1 billion dollars MONEY a year. In net income Is that ballpark for Wellington GPE too? You're not gonna get me there It's a nice try. Say is that we are we participate in the asset management industry We have a A similar Heavily distribution oriented business. All of our compensation though is geared towards performance. So, everyone at Wellington GPE will do better if we For clients and that's the key. How do you decide who gets paid what? So, that's that's the other part of our partnership, the three CARDINAL managing partners, Which I've been won since 2014 DATE . Distribute or determine the profit how the profits are split at the firm. So you have to imagine it has to be tremendous trust in the three CARDINAL mansion partners and that trust means I know they're they trust us to know what's going on in the business. Who's having impact that we're not gonna play favorites? That we're Really fair. Have been the ability to become a partner at Wellington GPE A really critical part of our Talent has always been One CARDINAL of the hardest Maybe the hardest problem to solve for in the investment business. And that was true before the pandemic, right? And the demands that it has created for flexibility and the demands that it has created for diversity. How hard is the talent problem now i think the pandemic has shown us and it probably should show most companies that it's not about buildings it's about the culture it's about shared values In the future we're gonna be more flexible about where our talent sits how much of Wellington GPE 's success in the future depends on how well you integrate technology I think 5 years DATE from now we won't

We've talked About The virtues of being a private partnership Have you ever wondered to yourself if Wellington GPE would be better off Public company? No. Why not? I've I follow public companies my whole career and from a lot of public companies you have to really focus On And it's more short-term focus than it was 15 or 20 years ago DATE and the best companies continue to operate with a long-term focus. Our private partnership just allows us to be long-term focused. The other question you would ask, what would ever make us go public and it would probably be some drama In the industry where we need a capital in a way we don't Day. This company makes a lot of money, doesn't it? Alpha for our clients. It is a profitable business I was Fishing for something a little bit different which is along the lines of this. There aren't many. Public betrayed companies. Yeah. With Assets under management in the neighborhood of Wellington GPE 's. Only handful. But they make You know those with a one CARDINAL handle on the trillions CARDINAL Make somewhere between one and three 1 billion dollars MONEY a year. In net income Is that ballpark for Wellington GPE too? You're not gonna Me there. It's a nice try. Say is that we are we participate in the asset management industry We have a You know a similar We don't have the we are we are an investment management business so we earn a fee Damaging the money. We're not, we're not heavily distribution oriented business All of our compensation though is geared towards performance So everyone at Wellington GPE will do better if we perform for clients and that's the key. How do you decide who gets paid what? That's the other part of our partnership. The three CARDINAL managing partners which I've been won since 2014 DATE . Distribute or determine the profit how the profits are split at the firm. So you have to imagine there has to be tremendous trust in the three CARDINAL mansion partners and that trust means I know they're they trust us to know What's going on in the business? Who's having impact that we're not gonna play favorites? That we're gonna be really fair. The path to partners have been the ability to become a partner at Wellington GPE A really critical part of our ability to attract talent. Talent has always been. One CARDINAL of the hardest. Maybe the hardest problem to solve for in the investment business. And that was true before the pandemic, right? And the demands that it has created for flexibility and the demands that it has created for diversity. How hard is the talent problem now i think the pandemic has shown us and it probably should show most companies that it's not about buildings it's about the culture it's Shared NORP values. In the future, we're gonna be more flexible about where our talent sits. How much of Wellington GPE 's success in the future depends on how well you integrate technology? I think 5 years DATE from now, we won't have a technology department. We'll have technology will be integrated into Business and I'll give you some examples We have portfolio construction tools we have ways to screen Portfolio manager has a philosophy and process and they have AA tool that helps them screen based on that philosophy and process We have these tools now that are bring very qualitative things into a quantitative framework. We have our own internal risk portal So we have you continue to make that a greater and greater and we already talked about ESG and how much it's data oriented. How do you make that more and more part of the portfolio construction process? If we're if we're in a more comp World which I do believe we are in.

And it's more short-term focus than it was 15 or 20 years ago DATE and the best companies continued to operate with a long-term focus. Our private partnership just allows us to be long-term focused. The other question you would ask, what would ever make us go public? It would probably be some dramatic In the industry where we need a capital in a way we don't need today DATE . This company makes Money doesn't it? Alpha for our clients. It is a profitable business I was Fishing for something a little bit different which is along the lines of this. There aren't many. Public betrayed companies. Yeah. With Under management in the neighborhood of Wellington GPE . Only handful. But they make You know those with a one CARDINAL handle on the trillions CARDINAL Make somewhere between one and three 1 billion dollars MONEY a year. In net income Is that ballpark for Wellington GPE too? You're not gonna get me there It's a nice try. Say is that we are we participate in the asset management industry We have a A similar So we order fee for managing the money we're not we're not heavily distribution oriented business all of our compensation though is geared towards performance so everyone at Wellington GPE will do better if we For clients and that's the key. How do you decide who gets paid what? That's the other part of our partnership. The three CARDINAL managing partners. Which I've been one since 2014 DATE . Reviewed or determined the profit how the profits are split at the firm so you have to imagine it has to be tremendous trust in the three CARDINAL mansion partners and that trust means I know they're they trust us to know what's going on in the business who's having impact that we're not gonna play favorites that we're gonna be really fair the path to partners have been the ability to become a partner at Well Is a really critical Of our Talent has always been One CARDINAL of the hardest. Maybe the hardest problem to solve for in the investment business. And that was true before the pandemic, right? And the demands that it has created for flexibility and the demands that it has created for diversity How hard is the talent problem now i think the pandemic has shown us and it probably should show most companies that it's not about buildings it's about the culture it's about Shared NORP values. Technology. I think 5 years DATE from now, we won't have a technology department. We'll have technology will be integrated into running the business. And I'll give you some examples. We have portfo Construction tools we have ways to screen Portfolio manager has a philosophy and process and they have AA tool that helps them screen based on that philosophy and process. We have these tools now that are bring very qualitative things into a quantitative framework. We have our own internal risk portal. So we how do you continue to make that a greater and greater we already talked about ESG and how much it's data oriented how do you make that More part of the portfolio construction process. If we're if we're in a more complex world which I do believe we are in. A more complex investing world. Where it's not just about revenues and earnings and PE ORG . It's about a This mosaic of things are gonna impact the value of a company or the value of that return like what's the path of portfolio returns Is going to play a bigger and bigger part of that. There are A lot of acid managers. Who do you think of us Wellington GPE 's main competition Well I will say I've talked to quite a number of them in in my new role as CEO and I have a lot of respect for my peers Observation would be that they're all a little bit different, right? They're all a little bit different. But if you look, if you look at overtime, who has sort of a research process that's similar to us? Like I would say capital group, T rope

The other part of our partnership the three CARDINAL managing partners which I've been one since 2014 Reviewed or determined the profit how the profits are split at the firm so you have to imagine it has to be tremendous trust in the three CARDINAL mansion partners and that trust means I know they they trust us to know what's going on in the business who's having impact that we're not gonna play favorites that we're gonna be really fair the path to partners have been the ability to become a partner at Well Is a really critical part of our ability to attract talent. Talent has always been One CARDINAL of the hardest Maybe the hardest problem to solve for in the investment business. And that was true before the pandemic, right? And the demands that it has created for flexibility and the demands that it has created For diversity How hard is the talent problem now? I think the pandemic has shown us and it probably should show most companies that it's not about buildings. It's about the culture. It's about Values LOC . In the future, we're gonna be more flexible about where our talent sits. How much of Wellington GPE 's success in the future depends on how well you integrate technology? I think 5 years DATE from now, we won't have a technology department. We'll have technology just will be integrated into running the business. And I'll give you some examples. We have portfo Instruction tools we have ways to screen Portfolio manager has a philosophy and process and they have AA tool that helps them screen based on that philosophy and process We have these tools now that I bring very qualitative things into Rotate ORG a framework. Own internal risk portal We how do you continue to make that a greater and greater and we already talked about ESG and how much it's data oriented. How do you make that more and more part of the portfolio construction process? So if we're if we're in a more complex world, which I do believe we are in. A more complex investing world. Where it's not just about revenues and earnings It's about a this mosaic of things are gonna impact the value of a company or the value of that return like what's the path of portfolio returns A bigger and bigger part of that. There are About set managers. Yeah. Who do you think of as Wellington GPE 's main competition Well I will say I've talked to quite a number of them in my new role as CEO and I have a lot of respect for my peers Observation would be that they're all a little bit different, right? They're all a little bit different. But if you look, if you look at overtime, who has sort of a research process that's similar to us? Like I would say capital group, T Row Price ORG , some often in meetings with capital and T Row Prize, you know, Pimco on the fixing come side is probably a compet That we highly respect in in and run into from a client perspective those would be a few examples and and then on the private side it's the it's it would be you know many many small firms and on the long short side name three CARDINAL things you admire. At rival firms and wish willington could do as well. Alright. Well, this is okay, give me a minute TIME to think about this. I think that if you look at Black Rock LOC , they have, they use their As an advantage Interact with clients. I don't think anyone really in that in that way can compete with them. In terms of the competition with a lot and I think that that is the just very impressive. Capital group in there, in their There are they're distribution in the US GPE for example. Let they have a real. They have a very strong relationship with broker dealers. In the US GPE . That's also very impressive. If you look at some private firms, this is not so much direct competitors but firms that have been around for 20 years DATE . I think it's a real advantage if you've been on the private side. If you just have, if you've been around for quite a long period of time. So, obviously, firms like Sequoia ORG , where they're not doing exactly what we're doing But they just have sort of this No I've I'm studying them quite a bit just because we are How do we get? How do we be excellent in the private business? And there's a few of them that have just done such a good job. Over time. That's been very impressive.

Much it's data oriented. How do you make that more and more part of the portfolio construction process? If we're if we're in a more complex world which I do believe we are in a more complex investing world. Where it's not just about revenues and earnings and PE ORG . It's about This mosaic of things are gonna impact the value of a company or the value of that return like what's the path of portfolio returns Is going to play a bigger and bigger part of that. There are a lot of acid managers. Yup. Who do you think of us Wellington GPE 's main competition? Well I will say i've talked to quite a number of them in my new role as CEO and I have a lot of respect for my peers Observation would be that they're all a little bit different, right? They're all a little bit different. But if you look, if you look at overtime, who has sort of a research process that's similar to us? Like I would say capital group, T Row Price ORG , I'm often in meetings with capital and T Row Price, you know, Pimco on the fixing come side is probably a compet Many many small firms and on the long short side. Name three CARDINAL things you admire. At rival firms and wish willington could do as well. Alright. Well, this is okay, give me a minute TIME to think about this. I think that if you look at Black Rock LOC , they have they use their As an advantage Interact with clients. I don't think anyone really in that in that way can compete with them in terms of the competition with a lot and I think that that is just very impressive. Capital group in there in their There are there are distribution in the US GPE for example. Let they have a real they have a very strong relationship with broker dealers. In the US GPE . That's also very impressive. If you look at some private firms This is not so much direct competitors but firms that have been around for 20 years DATE . I think it's a real advantage if you've been on the private side. If you just have, if you've been around for quite a long period of time. So, obviously, firms like Sequoia ORG , where they're not doing exactly what we're doing. But they just have sort of this No. I'm studying them quite a bit just because we are How do we get? How do we be excellent in the private business? And there's a few of them that have just done such a good job. Overtime. It's been very impressive. Is growing this business important to you and to your fellow partners? Well, you know, we follow 5000 CARDINAL companies Always analyzing how our company's relative to their relative to their competition and their peers. So, we wanna we wanna win, right? So, we wanna do well. I'm also a strong believer in you can't aspire to grow just for growth sake you we have to be super focused on the inputs and if you do really well on the inputs you will grow as a firm the leadership team I think our partnership is very focused on that like if we have the right inputs and that means are we investing in talents Are we investing in new capabilities are we expanding in areas that we think will help our clients Then, hopefully, we will and we can deliver performance. We will grow. Let's talk about the legacy that you're in the process of defining. When you're colleagues and your clients. Yeah. Look back. On the jeans, hines era. Yeah. The CEO They'll say you accomplished what? Hire amazing talents We have made our collaborative investment ecosys Stronger and that we we have it been affirm it's growing so we've been able to expand the partnership and that we are delivering most importantly we're delivering Great outcomes to clients and maybe finally it's like to like it's more about like I do the previous CEOs of Don and figure out ways to strengthen Wellington GPE so that it's That we have another 40 50 years DATE the next set of CEOs can continue that this is a now this is a I'm just passing through in a steward of this firm that you know my almost 40 years DATE here whatever whatever I retire that that that I will know with you know know that this will that

Who has sort of a research process that's similar to us like I would say capital group T-road price. Probably a competitor that we highly respect in in and running to from a client perspective. Those would be a few examples and and then on the private side it's It's it would be, you know, many, many small firms and on the long short side. Name three CARDINAL things you admire. At rival firms and wish willington could do as well. Alright. Well, this is okay, give me a minute TIME to think about this. Think that if you look at Black Rock LOC they have they use their As an advantage Interact with clients. I don't think anyone really in that in that way can compete with them. In terms of the competition with a lot and I think that that is the just very impressive. Capital group in their in their There are they're distribution in the US GPE for example. Let they have a real. They have a very strong relationship with broker dealers. In the US GPE . That's also very impressive. If you look at some private firms, this is not so much direct competitors but firms that have been around for 20 years DATE . I think it's a real advantage. If you've been on the private side, if you just have, if you've been around for quite a long period of time. So, obviously, firms like Sequoia ORG , where they're not doing exactly what we're doing But they just have sort of this No I've I'm studying them quite a bit just because we are How do we get? How do we be excellent in the private business? And there's a few of them that have just done such a good job. Overtime. That's been very impressive. Is growing this business important to you and to your fellow partners? Companies Always analyzing how our company's relative to their relative to their competition and their peers. So, we wanna do, we wanna win, right? So, we wanna do well. I'm also a strong believer in you can't aspire to grow just for growth's sake you we have to be super focused on the inputs and if you do really well on the inputs you will grow as a firm the leadership team I think our partnership is very focused on that like if we have the right inputs and that means are we investing in talents Are we investing in new capabilities are we expanding in areas that we think will help our clients Then hopefully we will and we can deliver performance. We will grow. Let's talk about the legacy that you're in the process of defining. When your colleagues and your clients. Yeah. Look back. On the jeans, hinds era. Yeah. The CEO. They'll say you accomplished what? Hire amazing talents. Made our collaborative Ecosystem stronger and that we we have it been affirm as growing so we've been able to expand the partnership and that we are delivering most importantly we're delivering great outcomes to And maybe finally it's like to like it's more about like Can I do the previous CEOs have done and figure out ways to strengthen Wellington GPE so that it's That we have another 40, 50 years DATE , Passing through in a steward of this firm that you know my almost 40 years DATE here whatever whatever I retire that That I will know with you know, know that this will this firm will be very strong for the next 50 years DATE . Thank you very much. Thank you Eric PERSON . I really really enjoy our time. When you think of cutting edge technology at sea you might be thinking of stuff like this. But there's an incoming revolution on the high seas that isn't quite as sexy but could be significantly more impactful. Continuous PERSON shipping is the key component of global trade about 80 or 90% PERCENT of all the world's goods are transported to

Effects for my peers. Reservation would be that they're all a little bit different, right? They're all a little bit different. But if you look, if you look at overtime, who has sort of a research process that's similar to us? Like I would say capital group, T Row Price ORG , I'm often in meetings with capital and T-road price, you know, pimpco on the fixing come side is probably a competitor We highly respect and and and run into from a client perspective. Those would be a few examples and and then on the private side it's the it's it would be you know many many small firms and on the long short side. Name three CARDINAL things you admire. At Rival Firms and wish Wellington GPE could do as well. Alright. Well, this is okay, give me a minute TIME to think about this. I think that if you look at Black Rock LOC , they have they use their As an advantage Interact with clients. I don't think anyone really in that in that way can compete with them in terms of the competition with a lot and I think that that is just very impressive. Capital group in there in their There are there are distribution in the US GPE for example. Let they have a real. I have a very strong relationship with broker dealers in the US GPE . That's also very impressive. If you look at some private firms This is not so much direct competitors but firms that have been around for 20 years DATE . I think it's a real advantage if you've been on the private side. If you just have, if you've been around for quite a long period of time. So, obviously, firms like Sequoia ORG , where they're not doing exactly what we're doing. But they just have sort of this No I've I'm studying them quite a bit just because we are How do we get how do we be excellent in the private business and there's a few of them that have just done such a good job Overtime That's been very impressive. Is growing this business important to you and to your fellow partners? Well, you know, we follow 5000 CARDINAL companies. Always analyzing how our companies relative to their relative to their competition and their peers. So, we wanna do, we wanna win, right? So, we wanna do well. I'm also a strong believer in you can't aspire to grow just for growth sake you we have to be super focused on the inputs and if you do really well on the inputs you will grow as a firm the leadership team I think our partnership is very focused on that like if we have the right inputs and that means are we investing in talents Are we investing in new capabilities are we expanding in areas that we think will help our clients Then, hopefully, we will and we can deliver performance. We will grow. Let's talk about the legacy that you're in the process of defining. When your colleagues and your clients. Yeah. Look back. On the jeans, hinds era. Yeah. The CEO. They'll say you accomplished what? That we continue to hire amazing talents We have made our collaborative investment ecosys Stronger and that we we have it been affirm that's growing so we've been able to expand the partnership and that we are delivering most importantly we're delivering Great outcomes to clients and maybe finally it's like to like it's more about like Can I do the previous CEOs of Don and figure out ways to strengthen Wellington GPE so that it's That we have another 40 50 years DATE the next set of CEOs can continue that this is a now this is a I'm just passing through in a steward of this firm that you know my almost 40 years DATE here whatever whatever I retire that that I will know with you know know that this will this Will be very strong for the next 50 years DATE . Thank you very much. Thank you Eric PERSON . I really really enjoy our time. When you think of cutting edge technology at sea you might be thinking of stuff like this. But there's an incoming revolution on the high seas that isn't quite as sexy but could be significantly more impactful. Katrina shipping is the key component of

Someone in the private business and there's a few of them that have just done such a good job Overtime. That's been very impressive. Is growing this business important to you and to your fellow partners? Well, you know, we follow 5000 CARDINAL companies Always analyzing how our company's relative to their relative to their competition and their peers. So, we wanna do, we wanna win, right? So, we wanna do well. I'm also a strong believer in you can't aspire to grow just for growth's sake you we have to be super focused on the inputs and if you do really well on the inputs you will grow as a firm the leadership team I think our partnership is very focused on that like if we have the right inputs and that means are we investing in talents Are we investing in new capabilities are we expanding in areas that we think will help our clients then hopefully we will and we can deliver performance we will grow let's talk about the legacy that you're in the process of defining. When you're colleagues and your clients. Yeah. Look back. On the jeans, hinds era. Yeah. The CEO. They'll say you accomplished what We have made our collaborative So we've been able to expand the partnership and that we are delivering most importantly we're delivering great outcomes to And maybe finally it's like to like it's more about like can I do the previous of done and figure out ways to strengthen So that it's We have another 40, 50 years DATE . Set of CEOs can continue that this is a now this is a Passing through in a steward of this firm that, you know, my almost 40 years DATE here, whatever, whatever I retire, that That I will know with you know, know that this will this firm will be very strong for the next 50 years DATE . Thank you very much. Thank you Eric PERSON . I really really enjoy our time. When you think of cutting edge technology at sea you might be thinking of stuff like this. But there's an incoming revolution on the high seas that isn't quite as sexy but could be significantly more important. Continuous shipping is the key component of global trade Transport that see at some point. Era of global commerce. About three% of all the worlds is huge. I'm from shipping. Sent me not sound like a lot but that's roughly comparable to the entire COtwo output of Germany GPE . Since reducing trade isn't a likely option what about a technological improvement To help reduce the emissions from these well stocked maritime Myths GPE . Bloomberg PERSON has enhanced search on the terminal to deliver what you need when

That no, my almost 40 years DATE here, whatever, whatever I retire, That I will know with you know, know that this will this firm will be very strong for the next 50 years DATE . Jean PERSON . Thank you very much. Thank you, Eric PERSON . I really, really enjoyed our time. When you think of cutting edge technology at sea you might be thinking of stuff like this. But there's an incoming revolution on the high seas that isn't quite as sexy but could be significantly more impactful. Contrina GPE shipping is the key component of global trait about 80 CARDINAL or 90% PERCENT of all the world's goods are transported see at some point but there's a significant unseen cost to the modern era of global commerce. Of all the worlds is huge commission 3 may% not sound like a lot but that's roughly comparable to the entire COtwo output of Germany GPE . Since reducing trade isn't a likely option what about a technological improvement To help reduce the emissions from these well stocked maritime Bloomberg GPE has enhanced search on the terminal to deliver what you need when you need it now you can simply type phrases in everyday English LANGUAGE in the command line Compare financials Analyze Marcus You can enter phrases Or ask questions What do you want to know today DATE ? Ask a question or visit search go to find answers now. Crypto You have a world of young people. That want their own financial system And their own culture. And it is very powerful. And i'm a big believer in it. Hi I'm Shanali Basic PERSON and you're watching the Nets Big Risk in a year DATE that was marked by Russia GPE 's warn Ukraine GPE soaring inflation around the world and torn supply chains market sea risks everywhere but these Finance ORG are looking further out for the next risks. I think that the promise of the American NORP dream has to be defined It's almost no dispose about a future pandemic and almost no momenta The globalization you're gonna see nation states look internally and make sure that they have the ability To support themselves. Unless public and private investment rises and Americans NORP are protected by the right agencies to ensure economic growth and to defend the labor force. These are the next big risks.

Katrina EVENT shipping is the key component of global trait about 80 CARDINAL or 90% PERCENT of all the world's goods are transported see at some point but there's a significant unseen cost to the modern era of global commerce. I'm from shipping. Certainly not sound like a lot but that's roughly comparable to the entire COtwo output of Germany GPE . Since reducing trade isn't a likely option what about a technological improvement To help reduce the emissions from these well stocked maritime Bloomberg GPE has enhanced search on the terminal. To deliver what you need when you need it. Now, you can simply type phrases in everyday English LANGUAGE in the command line. Compare financials You can enter phrases Ask questions What do you want to know today DATE ? Ask a question or visit search go to find answers now. Crypto You have a world of young people. That want their own financial system. And their own culture. And it is very powerful. And I'm a big believer in it Hi I'm Shanali Basic PERSON and you're watching the Nets Big Risk in a year DATE that was marked by Russia GPE 's warn Ukraine GPE soaring inflation around the world and torn supply chains market sea risks everywhere but these Finance ORG are looking further out for the next risks. I think that the promise of the American NORP dream has to be defined It's almost no dispose about a future pandemic and almost no momenta The globalization you're gonna see nation states look internally and make sure that they have the ability To support themselves. Economic growth and to defend the labor force these are the next big risks There are always issues and for me there are three CARDINAL in particular that I'm focused on intermediate and longer term one has to do with our population More than a century DATE one of the pieces of the secret sauce for the United States GPE growth has been the fact that we've had strong population growth and strong games in labor force and I'm concerned about that right now The second ORDINAL area that I look at has to do with investment for more than 150 years DATE the United States GPE has been one of the global leaders in long term investment both government investment and infrastructure and also corporate investment in private

That isn't quite a sexy but could be significantly more impactful. Continuous PERSON shipping is the key component of global trade about 80 or 90% PERCENT of all the world's goods that transported sea at some point. But there's a significant unseen cost to the modern era of global commerce. I'm from shipping. Output of Germany GPE . Since reducing trade isn't a likely option what about a technological improvement to help reduce the emissions from these well stocked maritime behemoths? Bloomberg PERSON has enhanced search on the terminal. To deliver what you need when you need it. Now, you can simply type phrases in everyday English LANGUAGE in the command line. Compare financials You can enter phrases Ask questions What do you want to know today DATE ? Ask a question or visit search go to find answers now. Crypto You have a world of young people. The one their own financial system And their own culture. And it is very powerful. And i'm a big believer in it. Hi I'm Shanali Basic PERSON and you're watching the Nets Big Risk in a year DATE that was marked by Russia GPE 's Warn Ukraine PERSON soaring inflation around the world and torn supply chains market sea risks everywhere but these three CARDINAL titans of finance are looking Out for the next risks. I think that the promise of the American NORP dream has to be defined. Hey almost notice about a future pandemic and almost no momenta Globalization you're gonna see nation states look internally and make sure that they have the ability Support themselves. Abby Joseph Cohen PERSON who is concerned that future generations in the US GPE will not achieve the same financial stability as their parents unless public and private investment rises and Americans NORP are protected by the right agencies to ensure economic growth and to defend the labor force these are the next big risks There are always issues and for me there are three CARDINAL in particular that I'm focused on intermediate and longer term what has to do with our population More than a century DATE one of the pieces of the secret sauce for the United States GPE growth has been the fact that we've had strong population growth and strong games in labor force and I'm concerned about that right now The second ORDINAL area that I look at has to do with investment. For more than 150 years DATE , the United States GPE has been one of the global leaders in long term investment both.

Bloomberg PERSON has enhanced search on the terminal to deliver what you need when you need it. Now, you can simply type phrases in everyday English LANGUAGE in the command line. Compare financials You can enter phrases Or ask questions. What do you want to know today DATE ? Ask a question or visit search go to find answers now. Crypto You have a world of young people. That want their own financial system. And their own culture. And it is very powerful. And I'm a big believer in it. Hi I'm Shanali Basic PERSON and you're watching the Nets Big Risk in a year DATE that was marked by Russia GPE 's warn Ukraine GPE soaring inflation around the world and torn supply chains market sea risks everywhere but these three CARDINAL tightens of finance are looking further Out for the next risks. I think that the promise of the American NORP dream has to be defined. Hey almost know this voice about a future pandemic and almost no momenta The globalization you're gonna see Internally PERSON and make sure that they have the ability To support themselves. With Abby Joseph Cohen PERSON who is concerned that future generations in the US GPE will not achieve the same financial stability as their parents unless public and private investment rises and Americans NORP are protected by the right agencies to ensure economic growth and to defend the labor force. These are the next big risks There are always issues and for me there are three CARDINAL in particular that I'm focused on intermediate and longer term one has to do with our population More than a century DATE one of the pieces of the secret sauce United States GPE growth has been the fact that we've had strong population growth and strong games in labor force and I'm concerned about that right now The second ORDINAL area that I look at has to do with investment. For more than 150 years DATE , the United States GPE has been one of the global leaders in long term investment both government investment and infrastructure and also corporate investment in private capital. And what we're seeing is Will you fall in short over the last decade DATE or two CARDINAL and we need to be looking at that as well and the third ORDINAL piece that I'm increasingly concerned about has to do with the role of government In the economy and let me be very careful in how I express this. I believe in markets. I believe that capitalism has worked well in the United States GPE but not unfettered capitalism. We have benefited from good regulation, Always the best but when we try to protect As a nation We tend to do much better. We look at some areas in which Kind of solid appropriate regulation may now be coming under some risk and I think that would actually damage long-term economic growth of the United States GPE . What about the makeup of the United States GPE is creating a more complicated future for In the country. Reasons the US GPE economy has outperformed the economy of other For the last 30 or 40 years DATE has been that we've had faster way before growth. You know, it's a very simple Equation More GDP ORG . Immigration by the way that's not new this has been a nation of immigrants since it's founding if we're not viewed as welcoming to talent from around the world we'll have a problem going

Add to defend the labor force. These are the next big risks There are always issues and for me there are three CARDINAL in particular that I'm focused on intermediate and longer term what has to do with our population More than a century DATE one of the pieces of the secret sauce for the United States GPE growth has been the fact that we've had strong population growth and strong games in labor force and I'm concerned about that right now The second ORDINAL area that I look at has to do with investment. For more than 150 years DATE , the United States GPE has been one of the global leaders in long term investment both government investment and infrastructure and also corporate investment in private capital. And what we're seeing is that You fallen short over the last decade DATE or two CARDINAL and we need to be looking at that as well And the third ORDINAL piece that I'm increasingly concerned about has to do with the role of government The economy and let me be very careful in how I express this. I believe in markets. I believe that capitalism has worked well in the United States GPE but not unfettered capitalism. We have benefited from good regulation. It's not always the best but when we try Protect As a nation. We tend to do much better. We look at some areas in which Kind of solid appropriate regulation may now be coming under some risk and I think that would actually damage long-term economic growth of the United States GPE . What about The makeup of the United States GPE is creating a more complicated future for labor in the country. Reasons the US GPE economy has outperformed the economy of other For the last 30 or 40 years DATE has been that we've had faster way before growth. You know, it's a very simple More workers, more GDP. Quite that simple but it boils down to that and in the United States GPE , we have been very dependent on immigration. By the way, that's not new. This has been a nation of immigrants since it's founding. If we're not viewed as welcoming to talent from around the world, we'll have a problem going Long term growth. When we look at the information from individual companies and industries, we see that there is a labor shortage at all ends. We all know for example that right now, one of the reasons behind the rise in service inflation has to do with an inadequate number of workers At airports In hotels in restaurants and so on The area that I spend a lot of my time looking at is the other end as well do we have enough new scientist do we have enough new engineers do we have enough new doctors and the answer is no we don't keep in mind you have to also create a pipeline Right the students who are now K through 12 CARDINAL are the future pipeline of scientist and engineers and doctors and we're not doing a very good job with them here right now in terms of their skills this is all kind of boil down to Erosion of the promise of the American NORP dream. I think that the promise of the American NORP dream has to be defined and that is Every generation Better than the previous generation. Do they have the The to do better than their parents did and what we have seen over the last 30 years DATE or so maybe 40 DATE is that median household income in the United States GPE adjusted for inflation has not risen but that is a problem I think it creates a sense of political discord it creates a sense Unease among people in the United States GPE and it is worrisome. Because we have to think about how do we get out of this? Well, one CARDINAL way we get out of it To In on the industry that we think can create jobs that

Has to do with investment for more than 150 years DATE the United States GPE has been one of the global leaders in long term investment both government investment and infrastructure and also corporate investment in private capital and what we're seeing is that we have fallen short over the last Cater PERSON two and we need to be looking at that as well and the third ORDINAL piece that I'm increasingly concerned about has to do with the role of government The economy and let me be very careful in how I express this. I believe in markets. I believe that capitalism has worked well in the United States GPE but not unfettered capitalism. We have benefited from good regulation. It's not always the best but when we try Protect As a nation We tend to do much better. We look at some areas in which Kind of solid appropriate regulation may now be coming under some risk and I think that would actually damage long-term economic growth of the United States GPE . What about the makeup of the United States GPE is creating a more complicated future for In the country. Reasons the US GPE economy has outperformed the economy of other For the last 30 or 40 years DATE has been that we've had faster way before growth. You know, it's a very simple More workers, more GDP. Immigration by the way that's not new this has been a nation of immigrants since it's founding if we're not viewed as welcoming to talent from around the world we'll have a problem going Long term growth. When we look at the information from individual companies and industries, we see that there is a labor shortage at all ends. We all know for example that right now, one of the reasons behind the rise in service inflation has to do with an inadequate number of workers Airports. In hotels, in restaurants, and so on The area that I spend a lot of my time looking at is the other end as well do we have enough new scientist do we have enough new engineers do we have enough new doctors and the answer is no we don't keep in mind you have to also create a pipeline Right? The students who are now K through 12 CARDINAL are the future pipeline of scientist and engineers and doctors and we're not doing a very good job with them right now. In terms of their skills. Does this all kind of boil down to Erosion of the promise of the American NORP dream. I think that the promise of the American NORP dream has to be defined and that is is every generation doing better than the previous generation. Do they have the To do better than their parents did and what we have seen over the last 30 years DATE or so maybe 40 DATE is that median household income in the United States GPE adjusted for inflation has not risen but that is a problem I think it creates a sense of political discord it creates a sense Unease People in the United States GPE , and it is worrisome. Because we have to think about how do we get out of this? Well, one CARDINAL way we get out of it is to In on the industries that we think can create jobs that can create good paying jobs and and to protect our workers in that way the long term problem is staying ahead of the curve making sure that the industries that your supporting are creating jobs and those jobs are paying well enough so Individuals and households feel that they are moving forward. Give me a comment earlier about how investment in American NORP infrastructure was one of the things that you are worried about. Is this the biggest area of investment that you are concerned about Many economists myself included believe that the so called

States has been one of the global leaders in long-term investment both government investment and infrastructure and also corporate investment in private capital And what we're seeing is that we have fallen short over the last decade DATE or two CARDINAL and we need to be looking at that as well and the third ORDINAL piece that I'm increasingly concerned about has to do with the role of government in the economy and let me be very careful in how I express this I believe in markets. I believe that capitalism has worked well in the United States GPE but not unfeathered capitalism. We have benefited from good regulation. Always the best but when we try to protect As a nation. We tend to do much better. We look at some areas in which that kind of solid appropriate regulation may now be coming under some risk and I think that would actually damage long-term economic growth of the United States GPE . What about Is creating a more complicated future for labor in the country. Reasons the US GPE economy has outperformed the economy of other develop nations for the last 30 or 40 years DATE has been that we've had faster labor force growth you know it's a very simple Medic PERSON equation Workers, more GDP. Immigration by the way that's not new. This has been a nation of immigrants since it's founding. If we're not viewed as welcoming to talent from around the world. We'll have a problem going Long term growth. When we look at the information from individual companies and industries, we see that there is a labor shortage at all ends. We all know for example that right now, one of the reasons behind the rise in service inflation has to do with an inadequate number of workers At airports. In hotels, in restaurants, and so on The area that I spend a lot of my time looking at is the other end as well do we have enough new scientist do we have enough new engineers do we have enough new doctors and the answer is no we don't keep in mind you have to also create a pipeline Right? The students who are now K through 12 CARDINAL are the future pipeline of scientist and engineers and doctors and we're not doing a very good job with them here right now. In terms of their skills. Does this all kind of boil down to Erosion of the promise of the American NORP dream. I think that the promise of the American NORP dream has to be defined and that is Every generation doing better than the previous generation. Do they have the To do better than their parents did and what we have seen over the last 30 years DATE or so maybe 40 DATE is that median household income in the United States GPE adjusted for inflation has not risen but that is a problem I think it creates a sense of political discord it creates a sense Unease among people in the United States GPE and it is worrisome. Because we have to think about how do we get out of this? Well, one CARDINAL way we get out of it To In on the industries that we think can create jobs that can create good paying jobs and and to protect our workers in that way the long term problem is staying ahead of the curve making sure that the industries that you're supporting Eating PERSON jobs and those jobs are paying well enough so that individuals and households feel that they are moving forward. Give me a comment earlier about how investment in American NORP infrastructure was one of the things that you are worried about. Is this the biggest area of investment that you are concerned about Many economists myself included believe that the so-called golden era of the 1950 DATE 's 1960 DATE 's economy of the United States GPE

This has been a nation of immigrants since it's founding. If we're not viewed as welcoming to talent from around the world, we'll have a problem going forward in terms of how long term growth. When we look at the information from individual companies and industries, we see that there is a labor shortage We all know for example that right now one of the reasons behind the rise in service inflation has to do with an inadequate number of workers at airports. In hotels in restaurants and so on. The area that I spend a lot of my time looking at is the other end as well do we have enough new scientist do we have enough new engineers do we have enough new doctors and the answer is no we don't keep in mind you have to also create a pipeline Right? The students who are now K through 12 CARDINAL are the future pipeline of scientist and engineers and doctors and we're not doing a very good job within right now in terms of their skills. Does this all kind of boil down to Erosion of the promise of the American NORP dream. I think that the promise of the American NORP dream has to be defined and that is is every generation doing better than the previous generation. Do they have the To do better than their parents did and what we have seen over the last 30 years DATE or so maybe 40 DATE is that median household income in the United States GPE adjusted for inflation has not risen but that is a problem I think it creates a sense of political discord it creates a sense Unease People in the United States GPE , and it is worrisome. Because we have to think about how do we get out of this? One CARDINAL way we get out of it in is to In on the industries that we think can create jobs that can create good paying jobs and and to protect our workers in that way the long-term problem is staying ahead of the curve making sure that the industries that your supporting are creating jobs and those jobs are paying well enough so Individuals and households feel that they are moving forward. Give me a comment earlier about how investment in American NORP infrastructure was one of the things that you are worried about. Is this the biggest area of investment that you are concerned about Many economists, myself included, believe that the so-called golden era of the 1950 DATE 's, 1960 DATE 's, economy of the United States GPE was linked to our willingness to invest heavily in the future and it wasn't just the government, it was also corporations willing to do that. So as a percentage of GDP We were dramatically above every other nation. We were number one in that category for century DATE . We no longer are part of that is because we are under performing our own Commitment to this area but also other nations have figured it out In the 21st century DATE the winning economies the winning strategies for economic growth and therefore enhancing the well being of your people will depend upon whether your investing the reality is we just have not risen peace withinflation and so if you think about the ability for The average American NORP to earn a living How does that kind of play into this longer term concern you have about the next 10 years DATE As good as the last 10 CARDINAL especially when Is we're not going to be able to invest in the way that they used to under a higher interest rate regime. The the strain of economic growth Long-term prosperity. I'm not talking about stock market prosperity. I'm talking about the prosperity of the people in the nation Very much tied to the health of the middle class Obviously to weather the wage in the incoming increases for those families are adequate and that is something that has been a problem now for 40 years DATE in the United States GPE where the median household income hasn't kept up So, this is not a new problem. I think we

How do we get out of this? Well, one CARDINAL way we get out of it To focus in on the industries that we think can create jobs that can create good paying jobs and and to protect our workers in that way the long-term problem is staying ahead of the curve making sure that the industries that your supporting are creating jobs and those jobs are paying Enough so that individuals and households feel that they are moving forward. Give me a common earlier about how investment in American NORP infrastructure was one of the things that you are worried about. Is this the biggest area of investment that you are concerned about Many economists myself included believe that the so-called golden era of the 1950 DATE 's 1960 DATE 's economy of the united states GPE was linked to our willingness to invest heavily in the future and it wasn't just the government it was also corporations willing to do that so as a percentage of GDP We were dramatically above every other nation. We were number one in that category for century DATE . We no longer are part of that is because we are under performing our own Commitment to this area but also other nations have figured it out In the 21st century DATE the winning economies the winning strategies for economic growth and therefore enhancing the well being of your people will depend upon whether your investing the reality is we just have not risen pace withinflation and so if you think about the ability for The average American NORP to earn a living How does that kind of play into this longer term concern you have about the next 10 years DATE As good as the last 10 CARDINAL especially when Under a higher interest rate regime. Growth Long-term prosperity. I'm not talking about stock market prosperity. I'm talking about the prosperity of the people in the nation Very much tied to the health of the middle class Obviously to weather the wage in the incoming increases for those families are adequate and that is something that has been a problem now for 40 years DATE in the United States GPE with immediate household income hasn't kept up So, this is not a new problem. I think what has happened is that this rising inflation has kind of pulled apart the curtains and now we see much more clearly where these problems are and where the issues are. I for one, I'm happy to see that wages are now rising. I'm happy to see That workers have more flexibility and how they wanna conduct themselves and so on. I think that's that's a good start. It's not the end. Solution. We need to recognize that a 40 year DATE problem is not gonna be corrected. In 4 months DATE . It's gonna take longer. The balls get replaced where outbreaks don't become pandemics in the first ORDINAL place. Access the financial world on demand. Hear from leading economists Policy makers. And industry experts be alive and on demand webinars. Only from Bloomberg ORG . Start exploring to see what's moving the markets. Visit Bloomberg PERSON . Com webinars People ask me all the time what is the key to being a really good investor I tell them it's a surround yourself with and work with the best investors you can find on Bloomberg Wealth PERSON I'm gonna take you to meet the greatest ambassadors in the world the people that I would like to have managing my money that the start of the internet revolution I kicked up a lot of controversy declaring that the internet had been under hyped. I say the same thing today DATE about the climate revolution. Hey portal and I think we've moved from this attitude from it's an indulgence a waste of time almost an illness that needs

The structure was one of the things that you were worried about. Is this the biggest area of investment that you are concerned about? Many economists, myself included, believe that the so-called golden era of the 1950 DATE 's, 1960 DATE 's, economy of the United States GPE was linked to our willingness to invest heavily in the future and it wasn't just Government it was also corporations willing to do that so as a percentage of GDP We were dramatically above every other nation. We were number one in that category for century DATE . We no longer are part of that is because we are under performing our own Commitment to this area but also other nations have figured it out. In the 21st century DATE , the winning economies, the winning strategies for economic growth, and therefore, enhancing the well being of your people will depend upon whether you're investing. The reality is we just have not Peace withinflation and so if you think about the ability for Rich American PERSON to earn a living. How does that kind of play into this longer term concern you have about the next 10 years DATE not being as good as the last 10 CARDINAL especially when Are not going to be able to invest in the way that they used to under a higher interest rate regime. The the strength of economic growth Long-term prosperity. I'm not talking about stock market prosperity. I'm talking about the prosperity of the people in the nation is very much tied to the health of the middle class Obviously to weather the wage in the incoming increases for those families are adequate and that is something that has been a problem now for 40 years DATE in the United States GPE where the median household income hasn't kept up So, this is not a new problem. I think what has happened is that this rising inflation has kind of pulled apart the curtains and now we see much more clearly where these problems are and where the issues are. I, for one, I'm happy to see that wages are now rising. I'm happy to That workers have more flexibility and how they wanna conduct themselves and so on. I think that's that's a good start. It's not the end solution. We need to recognize that a 40 year DATE problem is not gonna be corrected. In 4 months DATE . It's Take longer. Access the financial world on demand Hear from leading economists Policy makers. And industry experts via live and on demand webinars. Only from Bloomberg ORG . Start exploring to see what's moving the markets. Visit Bloomberg PERSON . Com webinars People ask me all the time what is the key to being a really good investor I tell them it's a surround yourself with and work with the best investors you can find on Bloomberg Wealth PERSON I'm gonna take you to meet the greatest investors in the world the people that I would like to have managing my money that the start of the Revolution I kicked up a lot of controversy declaring that the internet had been under hyped. I say the same thing today DATE about the climate revolution. Crucially important and I think we've moved from this attitude from it's an indulgence a waste of time almost an illness that needs a cure. For something as universally important to human life Mystery LOC surrounding its necessity and utility have only just been recently uncovered Some of our biggest discoveries were in the 1970 DATE 's or 1980 DATE 's and so it makes it a really exciting feel because it seems as though we're uncovering new insights each and every day. Some scientists are going further to find out how sleep and what happened there can be harnessed to further expand our understanding It's easy to memorize that makes you smart if it can Act a lot of facts but if you wanna be wise, you really want wisdom.

We're concerned about many economists, myself included, believe that the so-called golden era of the 1950 DATE 's, 1960 DATE 's, economy of the United States GPE was linked to our willingness to invest heavily in the future and it wasn't just the government, it was also corporations willing to do that. So as GDP We were dramatically above every other nation. We were number one in that category for century DATE . We no longer are part of that is because we are under performing our own Commitment to this area but also other nations have figured it out. In the 21st century DATE , the winning economies, the winning strategies for economic growth, and therefore, enhancing the well being of your people will depend upon whether you're investing. The reality is we just have not Pairs with inflation and so if you think about the ability for the average American NORP to earn a living How does that kind of play into this longer term concern you have about the next 10 years DATE As good as the last 10 CARDINAL especially when Are not going to be able to invest in the way that they used to under a higher interest rate regime. The the strength of economic growth Long-term prosperity. I'm not talking about stock market prosperity. I'm talking about the prosperity of the people in the nation Very much tied to the health of the middle class Obviously to weather the wage in the incoming increases for those families are adequate and that is something that has been a problem now for 40 years DATE in the United States GPE where the median household income hasn't kept up So, this is not a new problem. I think what has happened is that this rising inflation has kind of pulled apart the curtains and now we see much more clearly where these problems are and where the issues are. I for one, I'm happy to see that wages are now rising. I'm happy to That workers have more flexibility and how they wanna conduct themselves and so on. I think that's that's a good start. It's not the end. Solution. We need to recognize that a 40 year DATE problem is not gonna be corrected. In 4 months DATE . It' It takes longer. And the first ORDINAL place. Access the financial world on demand Hear from leading economists Policy makers. And industry experts be alive and on demand webinars. Only from Bloomberg ORG . Start exploring to see what's moving the markets. Visit Bloomberg PERSON . Com webinars People ask me all the time what is the key to being a really good investor can I tell them it's the surround yourself with and work with the best and best as you can find on Bloomberg Wealth PERSON I'm gonna take you to meet the greatest ambassadors in the world Would like to have managing my money that the start of the internet revolution I kicked up a lot of controversy declaring that the internet had been under hyped. I say the same thing today DATE about the climate revolution. Hey Important PRODUCT . I think we've moved from this attitude from it's an indulgence, a waste of time, almost an illness that needs a cure. For something as universally important to human life Mystery LOC surrounding its necessity and utility have only just been recently uncovered Some of our biggest discoveries were in the 1970 DATE 's or 1980 DATE 's and so it makes it a really exciting feel because it seems as though we're uncovering new insights each and every day. Some scientists are going further to find out how sleep and what happened there can be harnessed to further expand our understand It's easy to memorize that makes you smart. It can spit back a lot of facts. But if you wanna be wise, if you really want wisdom, you gotta know when and how and why to use that information. And

It has been a problem now for 40 years DATE in the United States GPE where the median household income hasn't kept up So, this is not a new problem. I think what has happened is that this rising inflation has kind of pulled apart the curtains and now we see much more clearly where these problems are and where the issues are. I for one and happy to see that wages are now rising. I'm happy to see That workers have more flexibility and how they wanna conduct themselves and so on. I think that's that's a good start. It's not the end. Solution. We need to recognize that a 40 year DATE problem is not gonna be corrected. In 4 months DATE . It's Take longer. The bulls get to a place where outrage don't become pandemics in the first ORDINAL place. Access the financial world on demand. Hear from leading economists Policy makers. And industry experts be alive and on demand webinars. Only from Bloomberg ORG . Start exploring to see what's moving the markets. Visit Bloomberg PERSON . Com webinars People ask me all the time what is the key to being a really good investor I tell them it's the surround yourself with and work with the best investors you can find on Bloomberg Wealth PERSON I'm gonna take you to meet the greatest ambassadors in the world the people that I would like to have managing my money that the start of the internet revolution I have kicked up a lot of controversy declaring that the internet had been under hyped. I say the same thing today DATE about the climate revolution. Hey Important and I think we've moved from this attitude from it's an indulgence a waste of time almost an illness that needs a cure for As universally important to human life as sleep mysteries surrounding its necessity and utility have only just been recently uncovered. Some of our biggest discoveries were in the 1970 DATE 's or 1980 DATE 's and so it makes it a really exciting feel because it seems as though we're uncovering new insights each and every day. Some scientists are going further to find out how sleep and what happened there can be harnessed to further expand our understanding It's easy to memorize that makes you smart if you can When and how and why to use that information And that's what your brain figures out while you're sleeping. When you look over the next 5 to 10 years DATE over a little bit of a longer time horizon and you think about what's happening in the economy and markets in society more largely Keeps PRODUCT you up at night TIME . One CARDINAL thing that has, you know, I seem particularly important to me is how we handle future pandemic. I, you know, we we shared with COVID that we were not ready. For global pandemic and I think we are still not ready for the next one. The really worrying cases, is that we have a repeat of what happened with COVID, where we are not prepared at all beforehand, but spreading too much of the world, but with a way higher fatality rate and ends up A lot of people the economy grinds to a halt amid they they chaos and and lockdowns you know is there a more extreme version of what we saw during COVID is part of your worry here that the next pandemic would be worse than what we saw in COVID and at worry that underpins that the systems we have are not prepared for it. I think it was pretty clear to see in ret Fact that we were not ready for COVID there was no coordination in terms of what responses should be to it instead we saw sort of like completely discordated action if you look at where we are today DATE we have not started putting any of those processes in place that we should have had If you know we got a mocky and there was a future pandemic Devastation. Problem is that there weren't that many lessons that it seems like we really learned as a society that we are in much the same place we

Hey Facebook crucially important and I think we've moved from this attitude from it's an indulgence a waste of time almost an illness that needs cure. For something as universally important to human life Mystery LOC surrounding its necessity and utility have only just been recently uncovered Some of our biggest discoveries were in the 1970 DATE 's or 1980 DATE 's and so it makes it a really exciting feel because it seems as though we're uncovering new insights each and every day. Some scientists are going further to find out how sleep and what happens there can be harness to further expand our understand It's easy to memorize that makes you smart if you can spit it back a lot of facts but if you wanna be wise you really want wisdom you gotta know when and how and why to use that information And that's what your brain figures out while you're sleeping. When you look over the next 5 to 10 years DATE over a little bit of a longer time horizon and you think about what's happening in the economy and markets in society more largely Keeps PRODUCT you up at night TIME . I think particularly important to me is how we handle future pandemic. You know we we shared with COVID that we were not ready. For a global pandemic and I think we are still not ready for the next one. The really worrying cases is that we have a repeat of what happened with COVID We are not prepared at all beforehand. And lockdowns Worry that underpins that the systems we have are not prepared for it. Clear to see in retrospect that we were not ready for COVID there was no coordination in terms of what responses should be to it instead we saw sort of like completely discordated action if you look at where we are today DATE we have not started putting any of those processes in place that we should have had last time if you know we got a And there was a future pandemic that was substantially more fatal you could imagine the same thing playing out but with a lot more devastation Warrant that many lessons that it seems like we really learned as a society that we are in much the same place we were beforehand there's almost no discourse about a future pandemic and almost no momenta we don't seem to learn really the core lesson Which was that we were not prepared and that we need to be better prepared. Do you think this is going to put on an economic system in the future? I think that you played out pretty poorly this time when all of a sudden done and I think at the very least you could see a repeat of that where not only did we have massive supply kit problems that were now seeing in retrospect we had massive monitoring supply increased try mask over some of Problems ORG . Would have been it probably a devastating economic hit otherwise as COVID winds down and are I economic I I monetary countermeasures wind down it becomes clear we never really averted economic it pass From COVID. It had massive negative impact. You can look at runaway inflation. You can look at rising interest rates. I slumping economy, slumping markets, and and and that was without, you know, nearly just as they're putting That does much more damage and we might not be able to get back to work as a society nearly as quickly or as functionally About in terms of inequality obviously different Were impacted differently both within the US GPE and across the world. So, do you worry about the compounding effect when it comes to, you know, the social strata? Because of the global nature of pandemics. If there is an outbreak in one CARDINAL country that is going to affect every country. And and and so not only do you see disproportionate dust in less while off countries but that also makes it really hard for the world to stop this spread of pandemics and that means that if there are Counter ORG measures they will be

It's easy to memorize that makes you smart if you can Act a lot of facts. But if you wanna be wise, you really want wisdom, you gotta know when and how and why to use that information. And that's what you bring figures out while you're sleeping. When you look over the next 5 to 10 years DATE over a little bit of a longer time horizon and you think about what's happening in the economy and markets in society more largely Keeps PRODUCT you up at night TIME . One CARDINAL thing that has, you know, I seem particularly important to me is how we handle future pandemic. You know we we shared with COVID that we were not ready. For global pandemic and I think we are still not ready for the next one. The really worrying cases is that we have a repeat of what happened with COVID where we are not prepared at all beforehand. The world. Hey hey markdowns you know is there a more extreme version of what we saw during COVID is part of your worry here that the next pandemic would be worse than what we saw in COVID and at worry that underpins that the systems we have are not prepared for it. Here to see in retrospect that we were not ready for COVID there was no coordination in terms of what responses should be to it and said we saw sort of like completely discordated action if you look at where we are today DATE we have not started putting any of those processes in place that we should have had Last time if you know we got a lucky and there was a future pandemic Was substantially more fatal. You could imagine the same thing playing out but with a lot more devastation Many lessons that it seems like we really learned as a society that we are in much the same place we were beforehand there's almost no discourse about a future pandemic and almost no momenta we don't seem to learn really the core lesson of COVID which was that we were not prepared We need to be better prepared. What kind of strains do you think this is going to put on an economic system in the future? I think that you played out pretty poorly this time when all was said and done and I think at the very least you could see a repeat of that where not only did we have massive supply chain problems that were now seeing in retrospect we had massive monetary supply increase Try mask over Problems ORG . I ate monetary countermeasures, wind down, it becomes clear. We never really averted economic impact from It's had massive negative impact. You can look at runway inflation. You can look at rising interest rates. A slumping economy, slumping markets, and and and that was without, you know, nearly just as they're put it in right here, did you want that, that does much more We might not be able to get back to what this society nearly as quickly or as functionally About in terms of inequality obviously different Were impacted differently both within the US GPE and across the world. So, do you worry about the compounding effect when it comes to, you know, the social strata? Because of the global nature of pandemics If there is an outbreak in one CARDINAL country, that is going to affect every country. And and and so not only do you see disproportionate dust in less while off countries but that also makes it really hard for the world to stop this spread of pandemics and that means that if there are Trillions of dollars MONEY as a world. Trying to With the fallout. From COVID that is a really huge expense and we're still not done with it. It's a little bit sobering to see the scale of impact of that new combined with the game with just like not even solving the problem. And that's with the workforce that is able to mostly go back to work in person. If you have a

But if you wanna be wise When and how and why to use that information. And that's what your brain figures out while you're sleeping. When you look over the next 5 to 10 years DATE over a little bit of a longer time horizon and you think about what's happening in the economy and markets in society more largely Keeps PRODUCT you up at night TIME . You know I it's in particularly important to me is how we handle future pandemic. You know we we shared with COVID that we were not ready. For a global pandemic and I think we are still not ready for the next one. The really worrying cases is that we have a repeat of what happened with COVID where we are not prepared at all beforehand. That's up spreading too much of the world. But with a way higher fatality rate. And ends up The economy grinds to a halt Is part of your worry here that the next pandemic would be worse than what we saw in COVID and at worry that underpins that the systems we have are not prepared for it. Clear to see in retrospect that we were not ready for COVID there was no coordination in terms of what responses should be to it and said we saw sort of like completely discordated action if you look at where we are today DATE we have not started putting any of those processes in place that we should have had last time if you know we got a And there was a future pandemic Devastation Problem ORG is that there weren't that many lessons that it seems like we really learned as a society that we are in much the same place we were beforehand. There's almost no discourse about a future pandemic and almost no momenta. We don't seem to learn really the core lesson. Of COVID which was that we were not prepared. And that we need to be better prepared. What kind of strains do you think this is going to put on an economic system in the future? I think that you played out pretty poorly this time when all of a sudden done and I think at the very least you could see a repeat of that where not only did we have massive supply chain problems that were now seeing in retro We had massive monetary supply increased try mask over some of the problems trying mask over what would have been it probably a devastating economic hit other Hey Winds down and are I economic I I monetary countermeasures wind down it becomes clear we never really averted economic impact from It's had massive negative impact. You can look at runaway inflation. You can look at rising interest rates. I slumping economy, slumping markets, and and and that was without, you know, nearly just as they're put it in right That does much more damage and we might not be able to get back to work as a society nearly as quickly or as functionally. About in terms of inequality obviously different societies were impacted differently both within the US GPE and across the world so do you worry about the compounding effect when it comes to you know the social strata If there is an outbreak in one CARDINAL country that is going to affect every country. And and and still not only do you see disproportionate dust in less while off countries but that also makes it really hard for the world to stop this spread of pandemics and that means that if there are Just spread it and grow when all is said and done you know we will have spent Ends of trillions of dollars MONEY as a world. Trying to contend with the fallout. From COVID, that is a really huge expense. And we're still not done with it. It's a little bit sobering to see the scale of impact of that new combined with the game with just like Not even solving the problem and that's with the workforce that is able to mostly go back to work in person if you have a more deadly strain there's gonna be a lot more worry about

A lot more devastation. The biggest problem is that there weren't that many lessons that it seems like we really learned as a society that we are in much the same place we were beforehand. There's almost no discourse about a future pandemic and almost no momenta. We don't seem to learn really the core lesson. COVID which was that we were not prepared and that we need to be better prepared. Do you think this is going to put on an economic system in the future? I think that you played out pretty poorly this time when all of a sudden done and I think at the very least you could see a repeat of that where not only did we have massive supply chain problems that were now seeing in retrospect we had massive monetary supply increased try mask over some of Problems ORG . Would have been it probably a devastating economic hit otherwise as COVID winds down and are I economic I I monetary counter measures wind down it becomes clear we never really averted economic impact From COVID. It had massive negative impact. You can look at runaway inflation. You can look at rising interest rates. I slumping economy, slumping markets, and and and that was without, you know, nearly just as they're putting Eat your one that does much more damage and we might not be able to get back to work as a society nearly as quickly or as functionally About in terms of inequality obviously different Were impacted differently both within the US GPE and across the world so do you worry about the compounding effect when it comes to you know the social strata? Because of the global nature of pandemics. If there is an outbreak in one CARDINAL country that is going to affect every country And and and so not only juicy disproportionate dust in less while off countries but that also makes it really hard for the world to stop this spread of pandemics and that means that if there are Or Just read it and grow. When all is said and done, you know, we will have spent Hens of trillions of dollars MONEY as a world. Trying to contend with the fallout. From COVID, that is a really huge expense. And we're still not done with it. It's a little bit sobering to see the scale of impact of that new combined with the game with just like Not even solving the problem. And that's with the workforce that is able to mostly go back to work in person. If you have a more deadly strain there's gonna be a lot more worry about getting back to work and you could see much more protracted for activity declines that Tailspin PERSON with the tens of trillions of dollars incinerated in the first ORDINAL place. The strain on political systems. You saw kind of the masking issue and the lockdowns becoming a really big contention point politically in many governments across the US GPE and the world. How do you expect that to create a further strain on the system political Hey portal And on many countries. We'd want to do is dip this in the bud so that you stop you know a pandemic from getting out of control in the first ORDINAL place Cut it off way closer to the source That means instead of arguing about masks you know we should have been focusing on how can we get in place I you know good ventilation in the indoor buildings so that there is massively less spread of pandemics through them Would have been a much much healthier You know focus prices as society. This into your own work. I know you've been rising more and more both as a philanthropist and as a political donor. How are you thinking about this risk in terms of how you work ahead? This isn't a one CARDINAL party against another I in the way that some debates over some specific Techniques ORG ended up being I have been spending a fair bit of effort and and and time and in capital on trying to advance you know pandemic prevention I I you know legislation and and policy a lot of the discourse around

You know we will have spent Hens of trillions of dollars MONEY as a world. Trying to contend with the fallout. From COVID, that is a really huge expense. And we're still not done with it. It's a little bit sobering to see the scale of impact of that new combined with the game with just like Not even solving the problem and that's with the workforce that is able to mostly go back to work in person if you have a more deadly strain there's gonna be a lot more worry about getting back to work and you could see much more protracted productivity declines that Incinerated in the first ORDINAL place. The strain on political systems. You saw kind of the masking issue and the lockdowns becoming a really big contention point politically in many governments across the US GPE and the world. How do you expect that to create a further strain on the system politically? And on many countries Really want to do is nip this in the bud so that you stop you know a pandemic from getting out of control in the first ORDINAL place Cut it off way closer to the source that means instead of arguing about masks you know we should have been focusing on how can we get in place You know good ventilation in indoor buildings So that there is massively less spread of pandemics through them that would have been a much much healthier You know focus prices as a society is there a bipartisan solution and are there ways that you personally are kind of incorporating this into your own work I know you've been rising more and more both as a philanthropist and as a political donor how are you thinking about this risk in terms of how you work ahead this isn't a one CARDINAL party against another I in the way that some debates over some specific Techniques ORG ended up being I have been spending a fair bit of effort and and and time and in capital on trying to advance you know pandemic prevention I I you know legislation and and policy a lot of the discourse around you know COVID and pandemics in general has you know as you serve you know reference Focused on things like masks by the time that's the debate we've already failed at the much more important goal which is avoiding ending up there in the first ORDINAL place by having countermeasures ready beforehand by having early detection systems by Good ventilation in buildings the goals to get to a place where outbreaks don't become pandemics in the first ORDINAL place and where we don't have to shut down you know the economy where people don't have to die where we don't have to make trade offs and hopefully we can you know I think spend you know tens of billions of dollars MONEY Today DATE to save tens of trillions of dollars MONEY later on. There is a possibility I think this leads to revolution in populations that do not have control over there Food and energy. Need to catch up. Week on David Weston PERSON . This is a level of uncertainty that we haven't had to deal with. A lot of the satellites have propulsion systems they can kinda move to get out of the way of each other or change their orbit a little bit. It's a service that you guys offered to help these companies know how to maneuver their machines. Yeah, we offer a collision avoidance survey. It's a subscription service. We'll send you an alert up to 7 days DATE in advance. If you're Lights gonna come dangerously close to a piece of debris or another satellite. Companies will be doing that for decades DATE moving. Satellites around but it's it's sort of like a harder problem now.

You combine with the game which is like not even solving the problem and that's with the workforce that is able to mostly go back to work in person if you have a more deadly strain there's gonna be a lot more worry about getting back to work and you could see much more protracted productivity Declines ORG that sort of tail spin with the tens of trillions of dollars incinerated in the first ORDINAL place. The strain on political systems. You saw kind of the masking issue and the lockdowns becoming a really big contention point politically in many governments across the US GPE and the world. How do you expect that to create a further strain on the system politically? Hey and On on you know the USA GPE you said it and on many countries So that you stop you know pandemic from getting out of control in the first ORDINAL place Cut it off way closer to the source that means instead of arguing about masks you know we should have been focusing on how can we get in place You know good ventilation in indoor buildings So that there is massively less spread of pandemics through them that would have been a much much healthier You know focus prices a society is there a bipartisan solution and are there ways that you personally are kind of incorporating this into your own work I know you've been rising more and more both as a philanthropist and as a political donor how are you thinking about this risk in terms of how you work ahead this isn't a one CARDINAL party against another I in the way that some debates over some specific Trying to advance you know pandemic prevention I I you know legislation and and policy a lot of the discourse around you know COVID and pandemics in general has you know as you serve you know reference Focused on things like masks by the time that's the debate we've already failed at the much more important goal which is avoiding ending up there in the first ORDINAL place by having countermeasures ready beforehand by having early detection systems by Good ventilation in buildings the goals to get to a place where outbreaks don't become pandemics in the first ORDINAL place and where we don't have to shut down you know the economy where people don't have to die where we don't have to make trade offs and hopefully we can you know I think spend you know tens of billions of dollars MONEY Today DATE to save tens of trillions of dollars MONEY later on. There is a possibility I think this leads to revolution in populations that do not have control over there Food and energy. Need to catch up. We've got the information and insights. Yes it's about renewables. This is a level of uncertainty that we haven't had to deal with. A lot of the satellites have propulsion systems they can kinda move to get out of the way of each other or change their orbit a little bit it's a service that you guys offered to help these companies know how to maneuver their machines yeah we offer a collision avoidance survey it's a subscription service we'll send you an alert up to 7 days DATE in advance if you're It's gonna come dangerously close to a piece of debris or another satellite. Companies will be doing that for decades DATE moving. Satellites around but it's it's sort of like a harder problem now. The risk of a collision is a lot higher now just because we've installed so much more hardware in the space. Are you have a big collision it creates a cloud a debris and now all the other satellites are flying through this wizing mess of debris as we add all of the new satellites in space the risks of the collision the likelihood of the collisions going up So Ken PERSON , when you think about the next 5 to 10 years DATE , what worries you?

With the workforce that is able to mostly go back to work in person if you have a more deadly strain there's gonna be a lot more worry about getting back to work and you could see much more protracted productivity declines that sort of talespin with the tens of trillions of dollars Incinerated in the first ORDINAL place. Political systems. Becoming a really big contention point politically in many governments across the US GPE and the world. How do you expect that to create a further strain on the system politically? I'm I'm Countries. What to do is dip this in the bud so that you stop you know a pandemic from getting out of control in the first ORDINAL place. You know cut it off way closer to the source Instead of arguing about masks you know we should have been focusing on how can we get in place You know good ventilation in indoor buildings So that there is massively less spread of pandemics through them that would have been a much much healthier You know focus prices of society. This into your own work. I know you've been rising more and more both as a philanthropist and as a political donor. How are you thinking about this risk in terms of how you work ahead? This isn't a one CARDINAL party against another Everything I in the way that some debates over some specific Trying to advance you know pandemic prevention I I you know legislation and in policy a lot of the discourse around you know COVID and pandemics in general has you know as you serve you know reference Focused on things like masks by the time that's the debate we've already failed at the much more important goal which is avoiding ending up there in the first ORDINAL place by having countermeasures ready beforehand by having early detective systems by Good ventilation in buildings the goals to get to a place where outrage don't become pandemics in the first ORDINAL place and where we don't have to shut down you know the economy where people don't have to die where we don't have to make trade offs and hopefully we can you know I think spend you know tens of billions of dollars MONEY today DATE to save tens of CARDINAL one 1 trillion Later on. There is a possibility I think this leads to revolution in populations that do not have control over there Food and energy. Need to catch up. Week I'm David Weston PERSON . From business's most influential and instrumental. This is a level of uncertainty that we haven't had to deal with. Television and radio A lot of the satellites have propulsion systems they can kinda move to get out of the way of each other or change their orbit a little bit it's a service that you guys offer to help these companies know how to maneuver their machines Yeah, we offer a collision avoidance survey. It's a subscription service. We'll send you an alert up to 7 days DATE in advance. If your satellite's gonna come dangerously close to a piece of debris or another satellite. Companies will be doing that for decades DATE moving satellites around but it's it's sort of like a harder problem now. So much more hardware in the space. Are you have a big collision it creates a cloudy debris and now all the other satellites are flying through this wizing mess of debris as we add all of the new satellites in space the risks of the collision the likelihood of the collisions going up So Ken PERSON , when you think about the next 5 to 10 years DATE , what worries you most? Front of us right now is is I think deglobalization you're gonna see

Trying to advance you know, pandemic prevention. I you know, legislation and and policy a lot of the discourse around, you know, COVID in pandemics in general has, you know, as you serve, you know, reference, focused on things like masks by the time that's the debate. We've already failed. Ready beforehand by having early detective systems by having good ventilation in buildings the goals to get to a place where outreach don't become pandemics and the first ORDINAL place and where we don't Where we don't have to make trade offs and hopefully we can you know I think spend you know tens of billions of dollars MONEY today DATE to save tens of trillions of dollars MONEY later on There is a possibility I think this leads to revolution in populations that do not have control over there Food and energy. Need to catch up. Week on David Weston PERSON . Yes it's about renewables. This is a level of uncertainty that we haven't had to deal with. Television and radio. A lot of the satellites have propulsion systems. They can kinda move to get out of the way of each other or change their orbit a little bit. It's a service that you guys offered to help these companies know how to maneuver their machines. Yeah, we offer a collision avoidance survey. It's a subscription service. We'll send you an alert up to 7 days DATE in advance. If Satellite PERSON 's gonna come dangerously close to a piece of debris or another satellite. Companies will be doing that for decades DATE moving satellites around but it's it's sort of like a harder problem now. The risk of a collision is a lot higher now just because we've installed so much more hardware in the space. Are you have a big collision it creates a clouded debris and now all the other satellites are flying through this wizing mess of debris as we add all of the new satellites in space the risks of the collision the likelihood of the collisions going up So, Ken PERSON , when you think about the next 5 to 10 years DATE , what worries you most? One CARDINAL of us right now is is I think DeGlobalization ORG you're gonna see Nation states look internally and make sure that they have the ability Support themselves. How much of this is a function of the war in Ukraine GPE and how much of this deglogalization phenomenon started before that? Well, I think it did start before it. All you have to do is look at Brexit PERSON . I mean, the idea for Brexit PERSON started, I think it's now 7 or 8 years ago DATE It didn't happen until 2020 DATE but that's the beginning Think where you see in the war finale is let's just take an An exemplary Figuring this Germany GPE So Germany GPE strategy up to this point was to outsource their To the United States GPE to outsource their financial management to the EU ORG . They outsource their energy supply to Russia GPE And they also they're in market to China GPE . This was the complete globalization of an economy and you can see at this point, I think they're in extreme trouble. So, if you think that deglobalization is the next big risk, what's at stake from countries detaching themselves from each other? What really is the problem with For a few decades DATE we were able to outsource to the cheapest labor markets we were able to rely on each other for goods that that really throughout history and I I do think part of this is going back and reading history most countries would not outsource items that were very important to their well being food being one And I think energy being one that's showing up is to be extremely important What's gonna happen now is I think each society is gonna have to think about did I did i outsource something that That I'm not comfortable with. How is this even possible to fully become the globalized when so many.

Companies will be doing that for decades DATE moving satellites around but it's it's sort of like a harder problem now. The risk of a collision is a lot higher now. Cuz we've installed so much more hardware in the space. Are you have a big collision it creates a clouded debris and now all the other satellites are flying through this wizing mess of debris as we add all of the new satellites in space the risks of the collision the likelihood of the collisions going up So, Ken PERSON , when you think about the next 5 to 10 years DATE , what worries you most? One CARDINAL of us right now is is I think DeGlobalization ORG you're gonna see Nation states look internally and make sure that they have the ability Support themselves. How much of this is a function of the war in Ukraine GPE and how much of this deglogalization phenomenon started before that? Well, I think it did start before. All you have to do is look at Brexit PERSON . I mean, the idea for Brexit PERSON started, I think it's now 7 or 8 years ago DATE It didn't happen until 2020 DATE but that's the beginning Think what you see in the war finale is let's just take an An exampleary Figure in this Germany GPE So Germany GPE strategy up to this point was the outsourced their To the United States GPE to outsource their financial management to the EU ORG . They outsource their energy supply to Russia GPE And they also they're in market to China GPE . This was the complete globalization of an economy and you can see at this point, I think they're in extreme trouble. Is the next big risk. What's at stake from countries detaching themselves from each other? What really is the problem with that For a few decades DATE , we were able to outsource to the cheapest labor markets. We were able to rely on each other for goods that that really throughout history and I I do think part of this is going back and reading history. Most countries would not outsource items that were Important to their well being food being one of them and I think energy being one that's showing up is to be extremely important What's gonna happen now is I think each society is gonna have to think about did I did I outsource something that That I'm not comfortable with. How is this even possible to fully become the globalized when so many nations rely on others? It's not that every nation is rich with oil or rich with nickel. With food resources events. For those of us in the United States GPE , we have a spectacular Country filled with the resources. We need Germany GPE has gotten itself in a position where it does not have energy supplies. It turned off its nuclear. It's right at the center and near the war and and the ramifications. We're seeing the elements of deglobalization and it's cost. To ordinary people elaborate on that you should cause to ordinary people what are the cost how else are you seeing a play out throughout history food is always been a key and if you look at what's happening In the Russia GPE Ukraine GPE war I think there's more going on there in terms of supply, supply, supply chains, Horrified by the war and the invasion but i think the The motivations and the and the rational and what's happening behind it are gonna highlight to people can I provide the basics each country will move to protect their own citizens and as a result they might deglobilize ahead of you there are populations all over the world that we're not aware of but they wanna eat and they Be heated in the winter and by the way they want access to cheap electricity And all these things are going through the roof until the extent We're feeling the political pain in the US GPE and I I believe we'll solve this problem. It it might take a couple of years DATE but it'll work its way out. Not everybody has that choice. Much of the rest of the world has depended on flows of of those Food goods. I mean, we're talking about Part of Africa LOC that is totally reliant on the Ukrainian NORP weed fields and Russia GPE was a gigantic exporter of wheat this is the basic food ingredients that keeps people from

So Ken PERSON , when you think about the next 5 to 10 years DATE , what worries you most? Front of us right now is is I think de globalization you're gonna see in a nation states look internally and make sure that they have the ability To support themselves. How much of this is a function of the war in Ukraine GPE and how much of this deglogalization phenomenon started before that? Well, I think it did start before it. All you have to do is look at I mean the idea for Brexit PERSON started I think it's now 7 or 8 years ago DATE it didn' Happened til 2020 but that's the beginning Think what you see in the war finale is let's just take an An exemplary Figure in this Germany GPE So Germany GPE strategy up to this point was to outsource their To the United States GPE to outsource their financial management to the EU ORG they outsource their energy supply to Russia GPE And they also they're in market This was the complete globalization of an economy and you can see at this point I think they're in extreme trouble. Is the next big risk. What's at stake from countries detaching themselves from each other? What really is the problem with that For a few decades DATE , we were able to outsource to the cheapest labor markets. We were able to rely on each other for goods that that really throughout history and I do think part of this is going back and reading history. Most countries would not outsource items that were very important to their well being, food, being one of them And I think energy being one that's showing up is to be extremely important what's gonna happen now is I think each society is gonna have to think about did I did I outsource something that That I'm not comfortable with. How is this even possible to fully become the globalized when so many nations are rely on others? It's not that every nation is rich with oil or rich with nickel or rich with food resources events. For those of us in the United States GPE , we have a spectacular Country filled with the resources. We need Germany GPE has gotten itself in a position where it does not have energy supplies. It turned off it's nuclear. It's right at the center and near the war and and the ramifications. We're seeing the elements of deglobilization and it's cost. To ordinary people. What are the costs? How else are you seeing a play out? Throughout history, food is always been a key and if you look at what's happening In the Russia GPE Ukraine GPE war I think there's more going on there in terms of supply, supply, supply chains, Horrified by the war and the invasion but i think the The motivations and the and the rational and what's happening behind it are gonna highlight to people can I provide the basics each country will move to protect their own citizens and as a result they might deglobilize ahead of you there are populations all over the world that we're not aware of but they wanna eat and they Be heated in the winter and by the way they wanna access the cheap electricity And all these things are going through the roof and to the extent We're feeling the political pain in the US GPE and I I believe we'll solve this problem. It it might take a couple of years DATE but it'll work its way out. Not everybody has that choice. Much of the rest of the world has depended on flows of of those Food cuz I mean we're talking about part of Africa LOC that is totally reliant on the Ukrainian NORP weed fields and Russia GPE was a gigantic exporter of wheat this is the basic food ingredients that keeps people from From from having insurrection we saw it again in Sri Lanka GPE over the weekend DATE you're nine CARDINAL meals away from having a very unhappy citizenship that's willing to to take extraordinary action To get their family safe. There are, you know, seven 1 billion people in the world. I'd say a one 1 billion CARDINAL of them, let's say roughly or in Western Europe LOC and the US GPE . And we've set in course a policies Very much focused to a society that has reached middle class. I'm not saying everybody but you know, the vast amount of society is very interested in things that's

So, Ken PERSON , when you think about the next 5 to 10 years DATE , what worries you most? Front of us right now is is I think de globalization you're gonna see in a nation states look internally and make sure that they have the ability To support themselves. How much of this is a function of the war in Ukraine GPE and how much of this deglogalization phenomenon started before that? Well, I think it did start before. All you have to do is look at I mean the idea for Brexit PERSON started I think it's now 7 or 8 years ago DATE It didn't happen until 2020 DATE but that's the beginning Think what you see in the war finale is let's just take an An exemplary Figure in this Germany GPE So Germany GPE strategy up to this point was to outsource their To the United States GPE to outsource their financial management to the EU ORG . They outsource their energy supply to Russia GPE And the answer is they're in market to China GPE This was the complete globalization of an economy and you can see at this point I think they're in extreme trouble. Is the next big risk. What's at stake from countries detaching themselves from each other? What really is the problem with that happening For a few decades DATE , we were able to outsource to the cheapest labor markets. We were able to rely on each other for goods that that really throughout history and I I do think part of this is going back and reading history. Most countries would not outsource items that were very important to their well being, food, being one of them And I think energy being one that's showing up is to be extremely important What's gonna happen now is I think each society is gonna have to think about Hey did I outsource something that I'm not comfortable with. How is this even possible to fully become deglobalized when so many nations rely on others? It's not that every nation is rich with oil or rich with nickel or rich with food resources events. For those of us in the United States GPE , we have a spectacular Country filled with the resources. We need Germany GPE has gotten itself in a position where it does not have energy supplies. It turned off it's nuclear. It's right at the center and near the war and and the ramifications. We're seeing the elements of deglobalization and it's cost. To ordinary people. Elaborate on that. You should cost to ordinary people. What are the costs? How else are you seeing a play out? Throughout history, food has always been a key and if you look at what's happening In the Russia GPE Ukraine GPE war I think there's more going on there in terms of supply, supply chains, Horrified by the war and the invasion but i think the The motivations and the and the rational and what's happening behind it are gonna highlight to people. Can I provide the basics? Each country will move to protect their own citizens. And as a result, they might deglobilize ahead of you. There are populations all over the world that we're not aware of but they wanna eat and they Be heated in the winter and by the way, they want access to cheap electricity. And all these things are going through the roof and to the extent We're feeling the political pain in the US GPE and I I believe we'll solve this problem. It it might take a couple of years DATE but it'll work its way out. Not everybody has that choice. Much of the rest of the world has depended on flows of of those Food goods. I mean, we're talking about part of Africa LOC that is totally reliant on the Ukrainian NORP Weedfields and Russia GPE was a gigantic exporter of wheat. This is the basic food ingredients that keeps people from From from having insurrection we saw it again in Sri Lanka GPE over the weekend DATE you're nine CARDINAL meals away from having a very unhappy citizenship that's willing to to take extraordinary action To get their family safe. There are, you know, seven 1 billion people in the world. I'd say a one 1 billion CARDINAL of them, let's say roughly or in Western Europe LOC and the US GPE . And we've set in course policies Very much focused to a society that has reached middle class. I'm not saying everybody but you know, the vast amount of society is very interested in things that six 1 billion QUANTITY people Two 1 billion MONEY it subsharing Africa LOC .

Think about did I did I outsource something that That I'm not comfortable with. How was this even possible to fully become the globalized when so many nations rely on others? It's not that every nation is rich with oil or rich with nickel. With food resources events. For those of us in the United States GPE , we have a spectacular Country filled with the resources. We need Germany GPE has gotten itself in a position where it does not have energy supplies. It turned off its nuclear. It's right at the center and near the war and and the ramifications were seeing the elements of deglobalization and it's cost. To ordinary people. What are the costs? How else are you seeing a playout? Throughout history, food is always been a key and if you look at what's happening In the Russia GPE Ukraine GPE war I think there's more going on there in terms of supply, supply chains, Horrified by the war and the invasion but i think the The motivations and the and the rational and what's happening behind it are gonna highlight to people. Can I provide the basics? Each country will move to protect their own citizens. And as a result, they might deglobilize ahead of you. There are populations all over the world that we're not aware of but they wanna eat. And they Be heated in the winter and by the way, they want access to cheap electricity. And all these things are going through the roof and to the extent We're feeling the political pain in the US GPE and I I believe we'll solve this problem. It it might take a couple of years DATE but it'll work its way out. Not everybody has that choice. Much of the rest of the world has depended on flows of of those Food cuz I mean we're talking about part of Africa LOC that is totally reliant on the Ukrainian NORP weed fields and Russia GPE was a gigantic exporter of wheat this is the basic food ingredients that keeps people from Rioting from from having insurrection. We saw it again in Sri Lanka GPE over the weekend DATE . You're nine CARDINAL meals away from having a very unhappy citizenship that's willing to to take extraordinary action to get their family safe. There are, you know, seven 1 billion people in the world. I'd say a one 1 billion CARDINAL of them. Let's say roughly or in Western Europe LOC and the And we've set in course policies Very much focused to a society that has reached middle class. I'm not saying everybody but you know, the vast amount of society is very interested in things that six 1 billion QUANTITY people Two 1 billion MONEY it subsaver in Africa LOC During Asia LOC are still trying to reach middle class We raise their energy costs dramatically I don't think they're gonna be you know they're not gonna be happy about that and I I think the Arab Spring DATE fundamentally started over food prices and their basic instinct and need is to feed heat cloth and take care of their family. So what are the forces that are reversing decades DATE of globalization? Well Might be just the safety of the supply chains and possibly the actions by Russia GPE are a highlight to that but again go back to Brexit PERSON decision By the UK GPE people Vote to take back some of there also they had outsourced their labor forced to central Europe LOC and they had started to make a decision to pull it back for whatever reasons they didn't like outsourcing again outsourcing your financial management To the EU ORG and the ECB ORG . You mentioned the outsourcing of financial assets. On one CARDINAL hand I'm wondering what impact do the sanctions have. Some of our policy moves here are gonna have very long term ramifications. In this environment, we've frozen the bank reserves of Russian NORP bank And if you don't think that every single Maybe not every single but there's substantial number Finance ORG ministers around the world have to rethink Where are there as had secure I've had many people ask me What do I do if my assets in China GPE ? What do I do with my assets in Hong Kong GPE ? There's a lot of there's a lot of western investment in Hong Kong GPE residual. Happens if we end up in a similar

Ukrainians NORP and Russia GPE was a gigantic exporter of wheat this is the basic food ingredients that keeps people from From from having insurrection we saw it again in Sri Lanka GPE over the weekend DATE you're nine CARDINAL meals away from having a very unhappy citizenship that's willing to to take extraordinary action To get their family safe. There are, you know, seven 1 billion people in the world. I'd say a one 1 billion CARDINAL of them, let's say roughly or in Western Europe LOC and the US GPE . And we've set in course policies Very much focused to a society that has reached middle class. I'm not saying everybody but you know, the vast amount of society is very interested in things that six 1 billion QUANTITY people Two 1 billion MONEY it subsharing Africa Asia LOC are still trying to reach middle class and if we raise their energy costs dramatically I don't think they're gonna be you know they're not gonna be happy about that and I I think the Arab Spring DATE fundamentally started over food prices and their basic instinct to need is to feed heat cloth and take care of their family. So what are the forces that are reversing decades DATE of Globalization ORG . Well, it might be just the safety of the supply chains and possibly the actions by Russia GPE are a highlight to that but again, go back to Brexit PERSON decision By the UK GPE people In a vote to take back some of there also they had outsourced their labor force to Outsourcing again outsourcing your financial management To the EU ORG and the ECB you mentioned the outsourcing of financial assets on one CARDINAL hand I'm wondering what impact do the sanctions have some of our policy moves here are gonna have very long term ramifications in this environment we've frozen the bank reserves of Russian NORP bank re And if you don't think that every single Maybe not every single but there's substantial number Of finance ministers around the world have to rethink Are there as had secure I've had many people ask me What do I do if my assets in China GPE ? What do I do with my assets in Hong Kong GPE ? There's a lot of there's a lot of western investment in Hong Kong GPE residual. Happens if we end up in a similar disagreement or conflict are those assets subject to immediate abandonment these are questions everybody's gonna ask whether they talk about them a lot or not they're gonna be asked I'm not saying we'll go to 100% PERCENT investment in your own country but boy the risk Premium GPE has significantly gone up. I mean, is this just a giant politicalization of assets around the world? As you see it, given that now, governments are getting involved in a much more Way in terms of the resources that they own oversee and trade. Companies with how to abandon assets immediately because of a political because of a conflict. So now you have to anticipate where in the world might we not like the activities of a future You can come up with a long list of where you might be uncomfortable and you have to truly change your your wrist profile there so we're in the middle of seeing a very effective use. Weaponization of resources. Now, not everybody can weaponize the resources because they don't have They don't have enough resources. So, to the extent that this is the biggest risk you see on the horizon over the the medium to long term. What about it really keeps you up at night TIME ? There's a possibility I think this leads to revolution in populations that do not have control over there food and energy and in a world that we live in, like it or The the change in the world toward cheap energy Asian NORP cars oil and gas is used for clothing. It's used for significant amount of products. And again, food is food and I get concerned as to what can happen in these these If if oil and gas does get to be $ 200 MONEY a barrel And if The supply the actual food supply gets disintermediated I think you could have ramification

Pretty much focused to a society that has reached middle class. I'm not saying everybody but you know, the vast amount of society is very interested in things that six 1 billion QUANTITY people To one 1 billion MONEY it subsharing Africa LOC During Asia LOC are still trying to reach middle class We raise their energy costs dramatically I don't think they're gonna be you know they're not gonna be happy about that and I I think the Arab Spring DATE fundamentally started over food prices and their basic instinct and need is to feed heat cloth and take care of their family. The forces that are reversing decades DATE of Globalization ORG . Well, it might be just the safety of these supply chains and possibly the actions by Russia GPE are a highlight to that but again, go back to Brexit PERSON a decision By the UK GPE people To take back some of there also they had outsourced their labor force to A central Europe LOC and they had started to make a decision to pull it back for whatever reasons they didn't like outsourcing again outsourcing your financial management To the EU ORG and the ECB ORG . You mentioned the outsourcing of financial assets. On one CARDINAL hand I'm wondering what impact do the sanctions have. Some of our policy moves here are gonna have very long term ramifications in this environment. We've frozen the bank reserves of Russian NORP bank And if you don't think that every single Maybe not every single but there's substantial number of finance ministers around the world have to rethink Where are there as a secure? I've had many people ask me What do I do if my assets in China GPE What do I do with my assets in Hong Kong GPE ? There's a lot of there's a lot of western investment in Hong Kong GPE residual. Happens if we end up in a similar disagreement or conflict are those assets subject to immediate abandonment. These are questions everybody's gonna ask whether they talk about them a lot or not. They're gonna be asked I'm not saying we'll go to 100% PERCENT investment in your own country but boy the risk premium has significantly gone up I mean is this just a giant politicization of assets around the world as you see it given that now governments are getting involved in a much more Way in terms of the resources that they own oversee and trade. Companies. We've had to abandon assets immediately because of a political because of a conflict. So now you have to anticipate. Where in the world might we not like the activities of a future regime? You can come up with a long list of where you might be uncomfortable and you have to truly change your your risk profile there so we're in the middle of seeing a very effective use. Of the weaponization of resources. Now, not everybody can weaponize the resources because they don't have They don't have enough resources. So, to the extent that this is the biggest rescue you see on the horizon over the the medium to long term. What about it really keeps you up at night TIME ? There is a possibility I think this leads to revolution in populations that do not have control over there Food and energy and in the world that we live in like it or not the the change in the world toward cheap energy mobilization cars oil gas is used for clothing it's used for significant amount of products and again food is food and I get concerned as to what can happen in these these Countries If if oil and gas does get to be $ 200 MONEY a barrel And if Supply PERSON . The actual food supply gets disintermediated. I think you could have ramifications. We haven't, we haven't seen. Now, I'm not, Figure these things out but I I think the quicker The world focuses on it and and it meets that they have to supply and be independent of global trade in his best way they can the better for their populations.

Saying everybody but you know the vast amount of society Interested in things that six 1 billion QUANTITY people And it's hiring Africa Asia LOC are still trying to reach middle class and if we raise their energy costs dramatically I don't think they're gonna be you know they're not gonna be happy about that and I I think the Arab Spring DATE fundamentally started over food prices and their basic instinct in need is to feed heat cloth and take care of their family. Forces that are reversing decades DATE of Globalization ORG . Well, it might be just the safety of these supply chains and possibly the actions by Russia GPE are a highlight to that but again, go back to Brexit PERSON , a decision By the UK GPE People In a vote to take back some of there also they'd outsource their labor force to Europe LOC and they had started to make a decision to pull it back for whatever reasons they didn't like outsourcing again outsourcing your financial management. To the EU ORG and the ECB ORG . You mentioned the outsourcing of financial assets. On one CARDINAL hand I'm wondering what impact do the sanctions have. Some of our policy moves here are gonna have very long term ramifications in this environment we've frozen the bank reserves of Russian NORP bank re And if you don't think that every single Maybe not every single but there's substantial number Of finance ministers around the world have to rethink Where are there as a secure? I've had many people ask me What do I do if my assets in China GPE ? What do I do with my assets in Hong Kong GPE ? There's a lot of there's a lot of western investment in Hong Kong GPE residual. Happens if we end up in a similar disagreement or conflict are those assets subject to immediate unbandonment these are questions everybody's gonna ask whether they talk about them a lot or not they're gonna be asked I'm not saying we'll go to 100% PERCENT investment in your own country but boy the risk premium has significantly gone up. I mean, is this just a giant politicalization of assets around the world? As you see it, given that now, governments are getting involved in a much more Way in terms of the resources that they own oversee and trade. Companies. We've had to abandon assets immediately because of a political because of a conflict. So now you have to anticipate where in the world might we not like the activities of a future You can come up with a long list of where you might be uncomfortable and you have to truly change your your wrist profile there. So, we're in the middle of seeing a very effective use. Weaponization of resources. Now, not everybody can weaponize the resources because they don't have They don't have enough resources. So, to the extent that this is the biggest risk you see on the horizon over the the medium to long term. What about it really keeps you up at night TIME ? There is a possibility I think this leads to revolution in populations that do not have control over there Food and energy and in the world that we live in like it or not The change in the world toward cheap energy Asian NORP cars oil gas is used for clothing it's used for significant amount of products and again food it's food and I get concerned as to what can happen in these these If if oil and gas does get to be $ 200 MONEY a barrel And if The supply the actual food supply gets disintermediated I think you could have ramifications we haven't we haven't seen now I'm not I'm pretty bullish on the world so I think people think you're these things out but I I think the quicker The world focuses on it and and admits that they have to supply and be independent of global trade in his best way they can the better for their populations.

What do I do with my assets in Hong Kong GPE ? There's a lot of there's a lot of western investment in Hong Kong GPE residual. Happens if we end up in a similar disagreement or conflict are those assets subject to immediate unbandonment. These are questions everybody's gonna ask whether they talk about them a lot or not. They're gonna be asked I'm not saying we'll go to 100% PERCENT investment in your own country but boy the risk premium has significantly gone up. I mean, is this just a giant literization of assets around the world? As you see it, given that now, governments are getting involved in a much more Way in terms of the resources that they own oversee and trade. Companies. We've had to abandon assets immediately because of a political because of a conflict. So now you have to anticipate where in the world might we not like the activities of a future You can come up with a long list of where you might be uncomfortable and you have to truly change your your risk profile there so we're in the middle of seeing a very effective use. Of the weaponization of resources. Now, not everybody can weaponize the resources because they don't have They don't have enough resources. So, to the extent that this is the biggest rescue see on the horizon over the the medium to long term. What about it really keeps you up at night TIME ? There is a possibility I think this leads to revolution in populations that do not have control over there Food and energy and in a world that we live in like it or not the the change in the world toward cheap energy, mobilization, cars, oil gases used for clothing, it's used for significant amount of products, and again, food, it's food, and I get concerned as to what can happen in these these Countries If if oil and gas does get to be $ 200 MONEY a barrel And if The supply, the actual food supply gets disintermediated. I think you could have ramifications. We haven't, we haven't seen. Now, I'm not, Bullish on the world so I think people figure these things out but I I think the quicker The world focuses on it and and it meets that they have to supply and be independent of global trade in its best way they can the better for their populations. The world like bloomberg PERSON . In the coming months DATE do you see that coming The moment news breaks 24 hours TIME a day. Bloomberg PERSON . Bloomberg PERSON has enhanced search on the terminal. To deliver what you need when you need it. Now, you can simply type phrases in everyday English LANGUAGE in the command line. Compare financials Analyze markets You can enter phrases Or ask questions What do you want to know today DATE ? Ask a question or visit search go to find answers now. Companies know they're getting hundreds CARDINAL maybe even thousands CARDINAL of applications so software is come in to automate the process you wanna write your resume for robots not for humans the only job your resume has is to be comprehensible to the software that is reading it because that software or rob Gonna decide whether or not a human ever gets their eyes on it. That might not be totally inclusive or not.

$ 200 MONEY a barrel And if The supply, the actual food supply, gets disintermediated. I think you could have ramifications. We haven't, we haven't seen. Now, I'm not I'm I'm pretty bullish on the world so I think people figure these things out but I I think the quicker The world focuses on it and and admits that they have to supply and be independent of global trade in his best way they can the better for their populations. The world like bloomberg PERSON . Seven% in the coming months DATE do you see that coming Where are the job cuts to come from? More than 120 CARDINAL countries the moment news breaks 24 hours TIME a day Bloomberg PERSON . Bloomberg PERSON has enhanced search on the terminal. To deliver what you need when you need it. Now, you can simply type phrases in everyday English LANGUAGE in the command line. Compare financials You can enter phrases Ask questions. What do you want to know today DATE ? Ask a question or visit search go to find answers now. Companies know they're getting hundreds CARDINAL maybe even thousands CARDINAL of applications so software is come in to automate the process you wanna write your resume for robots not for humans the only job your resume has is to be comprehensible to the software that is reading it because that software or robot Gon ORG na decide whether or not a human ever gets their eyes on it. How this technology could exacerbate discrimination for the FTC ORG I think for most the FTC ORG needs to be making sure that we're fully understanding this technology. We don't trust companies to self regulate when it comes to pollution. We don't trust them to self regulate what it comes to workplace comp. Why on earth would we trust them to self regulate AI EVENT ? So Life, you're the CEO of Roblox but on Roblox PERSON , you're builder man. Maybe. You know that name we just started up 2 weeks DATE after we launched and we're all picking our own usernames Everyone picked one I just said You've had the same avatar since 2004 DATE . That's right. That's awesome. Do you still play? I do. I wish I could play the whole day. I have to be a CEO. I'm probably on everyday but not as much as I would like. I have four CARDINAL kids. I love all of those. I have a bit of a theory. I have four CARDINAL kids. Oh, you do? Yeah, they're now, Growing up watching me do this. Yeah. Another, they're pretty savvy, social media people, but I'm optimistic someday. They're gonna be using Roblox PERSON for some other reason. Like communicating or more working or something like that. And then they're gonna be, oh gosh, I was like forest to be on robots. It's a Port Monto of robots and blocks.

No one covers the world like bloomberg PERSON . Seven% in the coming months DATE do you see that coming Taiwan GPE and China GPE . We will not just cut and run. The moment news breaks 24 hours TIME a day. Bloomberg PERSON has enhanced search on the terminal to deliver what you need when you need it now Type phrases in everyday English LANGUAGE in the command line. Compare financials Analyze markets You can enter phrases. Or ask questions What do you want to know today DATE ? Ask a question or visit search go to find answers now. Companies know they're getting hundreds CARDINAL maybe even thousands CARDINAL of applications. So softwares come in to automate the process. You wanna write your resume for robots not for humans. The only job your resume has is to be comprehensible to the software that is reading it because that software or robot Gon ORG na decide whether or not a human ever gets their eyes on it. Bio certain segment of the population that might not be totally inclusive or not be Concerns about how this technology could exacerbate discrimination for the FTC ORG I think for most the FTC ORG needs to be making sure that we're fully understanding this technology. We don't trust companies to self regulate when it comes to pollution. We don't trust them to self regulate what it comes to workplace comp. Why on earth would we trust them to self regulate AI ORG ? So in real life you're the CEO of Roblox but on Roblox you're builder man. Maybe You know that name we just started up when is maybe 2 weeks DATE after we launched and we're all picking our own usernames and everyone picked one I just said no they're mad so you've had the same avatars since 2004 DATE that's right that's awesome do you still play? I do. I wish I could play the whole day. I have to be Yeah. I'm probably on every day but not as much as I would like. I have four CARDINAL kids. Who's on Roblox a lot. He said, his favorite games are the Tycoon games. Lumber tycoon theme park tycoon. I love those. I love all of those. I have a bit of a theory. I have four CARDINAL kids. Oh, you do? Yeah, they're now in they've grown up watching me do this. Yeah. Another, they're pretty savvy, social media people, but I'm optimistic someday. They're gonna be using Roblox Other reason like communicating or more working or something like that and then they're gonna be oh gosh it's like forest to be on robots. It's a Port Monto of robots and blocks where users can build and play games in a 3d world. Has boo into a global online gaming jogger knot that kids are obsessed with to the tune of 10 1 billion plus hours MONEY a quarter. In fact roadblocks was building the metaverse long before Mark Zuckerberg PERSON claimed a new name for Facebook. But what does the future matters really look like and how do we cultivate a civil digital society within it that keeps kids safe? Joining me now on this edition of Bloombrook Studio ORG 100 CARDINAL . Roadblocks CEO and co founder David Buzuki PERSON

No one covers the world like Bloomberg PERSON . Seven% in the coming months DATE do you see that coming The moment news breaks 24 hours TIME a day. Bloomberg PERSON your global business authority. Bloomberg PERSON has enhanced search on the terminal to deliver what you need when you need it now you can simply type phrases in everyday English LANGUAGE in the command line Compare financials Find people Analyze Marcus. You can enter phrases Or ask questions What do you want to know today DATE ? Ask a question or visit search go to find answers now. Companies know they're getting hundreds CARDINAL maybe even thousands CARDINAL of applications so software is come in to automate the process you wanna write your resume for robots not for humans the only job your resume has is to be comprehensible to the software that is reading it because that software or robot Gon ORG na decide whether or not a human ever gets their eyes on it. Concerns about how this technology could exacerbate discrimination. TC I think four CARDINAL most the FTC ORG needs to be making sure that we're fully understanding this technology. We don't trust companies to self regulate when it comes to pollution. We don't trust them to self regulate what it comes to workplace comp. Why on earth would we trust them to self regulate AI ORG ? So in real life you're the CEO of Roblox but on Roblox you're builder man. Maybe You know that name we just started up 2 weeks DATE after we launched and we're all picking our own usernames And everyone picked one I just said You've had the same avatars since 2004 DATE . That's right. That's awesome. Do you still play? I do. I wish I could play the whole day. I have to be a CEO. I'm probably on everyday but not as much as I would like. I have four CARDINAL kids. A lot. He said, his favorite games are the tycoon games. Oh, lumber tycoon theme park tycoon. I love those. I love all of those. I have a bit of a theory. Four CARDINAL kids. Oh, you do. Now it they've grown up watching me do this. Yeah. Another they're pretty savvy social media people. But I'm optimistic someday. They're gonna be using Roblox PERSON for some other reason. Like communicating or more working or something like that. And then they're gonna be oh gosh. I was like forest to be on robots. It's a Port Monto of robots and blocks where users can build and play games in a 3d world. Global online gaming juggernaut that kids are obsessed with to the tune of 10 1 billion plus hours MONEY a quarter. In fact roadblocks was building the metaphors long before Mark Zuckerberg PERSON claimed a new name for Facebook. And how do we cultivate a civil digital society within it that keeps kids safe? Joining me now on this edition of Bloombrook Studio ORG 100 CARDINAL . Roblox CEO and co founder David Bazooki PERSON David's so great to have you here. I really appreciate it. It's wonderful to be.

Gonna decide whether or not a human ever gets their eyes on it. Concerns about how this technology could exacerbate discrimination for the FTC ORG I think for most the FDC ORG needs to be making sure that we're fully understanding this technology. We don't trust companies to self regulate when it comes to pollution. We don't trust them to self regulate what it comes to workplace comp. Why on earth would we trust them to self regulate a eye? So in real life you're the CEO of Roblox but on Roblox you're builder man. You know that name it we just thought it up when there's maybe 2 weeks DATE after we launched and we're all picking our own usernames Everyone picked one. I just said, no, they're mad. So, you've had the same avatars since 2004 DATE . That's right. That's awesome. Do you still play? You. I wish I could play the whole day. I have to be a CEO. So how often do you play? I'm probably on everyday but not as much as I would like. I have four CARDINAL kids. I have a 9 year old DATE son who's on roadblocks a lot. He said his favorite games are the tycoon games. Oh lumber tycoon theme park tycoon. I love those. I love all of those. I have a bit of a theory. Have four CARDINAL kids. Oh, you do. Now it they've grown up watching me do this. Yeah. Another they're pretty savvy social media people. But I'm optimistic someday. They're gonna be using Roblox PERSON for some other reason. Like communicating or more working or something like that. And then they're gonna be oh gosh. I was like forest to be on robots. It's a Port Monto of robots and blocks where users can build and play games in a 3d world roadblocks has boobed into a global online gaming juggerna Kids are obsessed with to the tune of 10 1 billion plus hours MONEY a quarter. In fact Roblox PERSON was building the Mediverse PERSON long before Mark Zuckerberg PERSON claimed a new name for Facebook. Civil society within it that keeps kids safe. Joining me now on this edition of Bloombrook Studio ORG 100 CARDINAL . Roadblocks CEO and co-founder David Bazooki PERSON David's so great to have you here. I really appreciate it. It's wonderful to be with you. Well, I'm a parent. I'm a mom and so I'm been really excited to have this conversation. For parents and anyone out there who still doesn't quite What exactly are kids doing on Rob Yeah PERSON kids on Roblox aren't just playing they're learning they're hanging out together Can't be together in real life. They're hanging out on roadblocks. They Playing hiding goes sick they could be pretending they're running a store or a pizza parlor they could be making the next big game or adventure so it's really a wide range of things and it involves doing things together pretending you're together so right now it's Games or experiences four CARDINAL kids by kids how old are these players how old are these developers we have young players who are getting interested in coding who are getting interested in designing things but more and more the community on roadblocks has blossomed into this super rich System thousands CARDINAL of developers making a living on the platform some of these developers are making tens or 20s DATE or 50 millions of dollars MONEY a year so how many of these developers are really kids and how many of these Are now grown ups. Yeah, well, think two 1 million QUANTITY plus developers. A lot of them are grown ups and more and more. In addition to the natural organic people that started on roadblocks, we're starting up studios come in on the platform as well. Professional game developers who are developing on other platforms starting to take a look So our developer demo A little bit older although we've had kids as young as 13. Is there something about preserving the ability for young kids to be able to make games for other kids? I mean, cuz obviously, if you have, you know,

It's a port monto of robots and blocks where users can build and play games in a 3d world. Global online gaming juggernaut that kids are obsessed with to the tune of 10 1 billion plus hours MONEY a quarter. In fact roadblocks was building the metaphors long before Mark Zuckerberg PERSON claimed a new name for Facebook. But what does the future metaverse really look like and how do we cultivate a civil digital society within it that keeps kids safe? Joining me now on this edition of Bloombrook Studio ORG 100 CARDINAL . Roblox CEO and co founder David Bazooki PERSON David's so great to have you here. I really appreciate it. It's wonderful to be with you. Well, I'm a parent. I'm a mom and so I'm been really excited. To have this conversation. For parents and anyone out there who still doesn't quite understand. What exactly are kids doing on Roblox PERSON ? Yeah, Kids on Roblox aren't just playing they're learning they're hanging out together They can't be together in real life. They're hanging out on roadblocks. They could be playing hiding, go seek, they could be pretending they're running a store or a pizza parlor. They could be making the next big game or adventure. It's really a wide range of things and it involves doing things together, pretending you're together. So, right now, it's mostly Or experiences four CARDINAL kids by kids. How old are these players? How old are these developers? We have young players who are getting interested in coding, who are getting interested in designing things, but more and more the community on roadblocks has blossomed into this super rich eco Thousands CARDINAL of developers making a living on the platform. Some of these developers are making tens or 20s DATE or 50 millions of dollars MONEY a year. So, how many of these developers are really kids and how many of these developers Grown ups. Yeah, well, think two 1 million QUANTITY plus developers. A lot of them are grown ups and more and more. In addition to the natural organic people that started on roadblocks, we're starting up studios come in on the platform as well. Professional game developers who are developing on other platforms starting to take a look at it. So, our Over demo A little bit older although we've had kids as young as 13. Is there something about preserving the ability for young kids to be able to make games for other kids? I mean, cuz obviously, if you have, you know, fancy studios, muscling Does that change the dynamic of the platform? I I think it does. One CARDINAL of my favorite experiences is natural disasters. It's been on the platform forever. By one CARDINAL of our early developers. It's not the kind of thing that I I think a normal Would ever think of but when developed by young creator, you know, we're gonna be, we're gonna be hanging out together and there's gonna be a hurricane and we gotta like run away from it or there's gonna be a lightning storm. Like that kind of stuff. We see a lot of that creative game play coming from the younger developers. What were you into as a kid? Were you I was kind of a nerd when I was a kid. I was studied really hard. I luckily grew up in Eden Prairie LOC , Minnesota GPE at the time. It was out in the boonies from Minneapolis GPE , Minnesota GPE . There were sandpits and so We did a lot of model rockets and we built go karts and we you know it's kind of one of these idyllic childhoods. The one CARDINAL key thing that happened to me very early on is we had a computer lab in the school and then my parents bought me an apple too at the time. And that kinda got me interested in this I also heard you were the captain of your high school TV quiz team. Yeah, so think of think of Minnesota GPE in the 1970 DATE 's and 80s DATE where every weekend DATE , two CARDINAL different schools compete, four CARDINAL students from each school, you know, and a really funny four CARDINAL by four CARDINAL configuration on a Had a pretty good quiz bowl team. You eventually made it to silicon Valley LOC . Yeah. Went to Stanford ORG . You started a company called Knowledge Revolution in the 80s EVENT where users could create and test physics experiments. That's right. The science kid and you coming to life. Yeah, you know, went to school, had a couple hard years DATE with jobs that weren't really that exciting, took a few months DATE off, and I got really excited about there's this whole blossoming educational.

That keeps kids safe. Joining me now on this edition of Bloombrook Studio ORG 100 CARDINAL . Roadblocks CEO and co founder David Bazooki PERSON David's so great to have you here. I really appreciate it. It's wonderful to be with you. Well, I'm a parent. Really excited to have this conversation. For parents and anyone out there who still doesn't quite What exactly are kids doing on Rob Yeah PERSON kids on Roblox aren't just playing they're learning they're hanging out together Can't be together in real life. They're hanging out on roadblocks. They Playing hiding goes sick they could be pretending they're running a store or a pizza parlor they could be making the next big game or adventure so it's really a wide range of things and it involves doing things together pretending you're together so right now it's Games or experiences four CARDINAL kids by kids how old are these players how old are these developers we have young players who are getting interested in coding or getting interested in designing things but more and more the community on roadblocks has blossomed into this super rich System thousands CARDINAL of developers making a living on the platform some of these developers are making tens or 20s DATE or 50 millions of dollars MONEY a year so how many of these developers are really kids and how many of these Helpers ORG are now grown ups. Yeah, well, think two 1 million QUANTITY plus developers. A lot of them are grown ups and more and more. In addition to the natural organic people that started on roadblocks, we're starting up studios come in on the platform as well. Professional game developers who are developing on other platforms starting to take a look at it. So Developer demo A little bit older. Although we've had kids as young as 13. Is there something about preserving the ability for young kids to be able to make games for other kids? I mean, cuz obviously, if you have, you know, fancy studios, mus I think it does. One CARDINAL of my favorite experiences is natural disasters. It's been on the platform By one CARDINAL of our early developers. It's not the kind of thing that I I think a normal studio would ever think of. But when developed by young creator, you know, we're gonna be we're gonna be hanging out together and there's gonna be a hurricane and we gotta like run away from it. Developers what were you into as a kid were you a gamer I was kind of a nerd when I was a kid I was studied really hard I luckily grew up in Eden Prairie Minnesota LOC at the time it was out in the boo There were sandpits and so we did a lot of model rockets and we built go karts and we you know it's kind of one of these idyllic childhoods. The one CARDINAL key thing that happened to me very early on is we had a computer lab in the school and then my parents bought me an apple too at the time. And that kinda got me Dead PERSON in this. I also heard you were the captain of your high school TV quiz team. Yeah, that's so think of, think of Minnesota GPE in the 19 And 80s DATE where every weekend DATE two different schools compete four CARDINAL students from each school you know and a really funny four CARDINAL by four CARDINAL configuration on a quiz bowl thing and so yeah eating puri had Good quiz ball team. You eventually made it to Silicon Valley LOC . Yeah. You went to Stanford ORG . You started a company called Knowledge Revolution in the 80s EVENT where users could create and test physics experiments. That's right. The science kid and you coming to life. You know, went to school, had a couple hard years DATE with jobs that weren't really that exciting. Took a few months DATE off and I got really excited about there's this whole blossoming educational software, marketplace, the McIntosh ORG had just been introduced and it was just really interesting, exciting. I did a survey of all of that and a lot of the educational software was very So when we looked at physics it was a whole different idea could we make a wide open labratory we could build anything any physics experiment bring it to life measure it see what it feels like you sold that company made some money became an investor and you invested in Oh yeah, wow. I I had a friends to account. I'm dating myself a little bit. But I had a friend.

Roblox CEO and co founder David Buzuki PERSON . David's so great to have you here. I really appreciate it and it's wonderful to be with you. Well, I'm a parent, I'm a mom, and so I'm been really excited. To have this conversation. For parents and anyone out there who still doesn't quite What exactly are kids doing on Rob Yeah PERSON kids on Roblox aren't just playing they're learning they're hanging out together Can't be together in real life they're hanging out on roadblocks they Playing hiding goes sick they could be pretending they're running a store or a pizza parlor they could be making the next big game or adventure so it's really a wide range of things and it involves doing things together pretending you're together so It's mostly Or experiences four CARDINAL kids buy kids how old are these players how old are these developers we have young players who are getting interested in coding who are getting interested in designing things but more and more the community on roadblocks is blossom into this super rich eco Them thousands CARDINAL of developers making a living on the platform some of these developers are making tens or 20s DATE or 50 millions of dollars MONEY a year so how many of these developers are really kids and how many of these developers are now grown up Yeah well think two 1 million QUANTITY plus developers a lot of them are grown ups and more and more in addition to the natural organic people that started on roadblocks we're starting up studios come in on the platform as well professional game developers who are developing on other platforms starting to take a look at So our developer demo A little bit older although we've had kids as young as 13. Is there something about preserving the ability for young kids to be able to make games for other kids? I mean, cuz obviously, if you have, you know, fancy studios, muscl I think it does. One CARDINAL of my favorite experiences is natural disasters. It's been on the platform forever. By one CARDINAL of our early developers. It's not the kind of thing that I I think a normal studio would ever think of. When developed by young creator you know we're gonna be we're gonna be hanging out together and there's gonna be a hurricane and we gotta like run away from it. There's gonna be a lightning storm. Like that kind of stuff. We see a lot of that creative game play coming from the younger developers. Are you into as a kid? Were you a gamer? I was kind of a nerd when I was a kid. I was studied really hard. I luckily grew up in Eden Prairie LOC , Minnesota GPE at the time it was out in the boonies from Minneapolis GPE , Minnesota GPE . There were sandpits and so We did a lot of model rockets and we built go karts and we you know it's kind of one of these idyllic childhoods. The one CARDINAL key thing that happened to me very early on is we had a computer lab in the school and then my parents bought me an apple too at the time. And that kinda got me interested in this I also heard you were the captain of your high school TV quiz team. Yeah, so think of think of Minnesota GPE in the 19 And 80s DATE where every weekend DATE two different schools compete four CARDINAL students from each school you know and a really funny four CARDINAL by four CARDINAL configuration on a quiz bowl thing so yeah eating puri had a pretty Quiz PERSON ball team. You eventually made it to silicon Valley LOC . Yeah. Went to Stanford ORG . You started a company called Knowledge Revolution in the 80s EVENT where users could create and test physics experiments. That's right. The science kid and you coming to life. You know, went to school, had a couple hard years DATE with jobs that weren't really that exciting. Took a few months DATE off and I got really excited about there's this whole blossoming educational software marketplace at the McIntosh ORG . It just been introduced and it was just really interesting, exciting. I did a survey of all of that and a lot of the educational software was very So when we looked at physics it was a whole different idea could we make a wide open labratory we could build anything any physics experiment bring it to life measure it see what it feels like you sold that company made some money became an investor and you invested in Oh yeah, wow. I I had a friends to account. I'm dating myself a little bit. But I had a friend to account. I'm curious what you learn from the early days DATE of social media.

This is young as 13. Is there something about preserving the ability for young kids to be able to make games for other kids? I mean, cuz obviously, if you have, you know, fancy studios, muscling in, Does that change the dynamic of the plaque? I I think it does. One CARDINAL of my favorite experiences is natural disasters. It's been on the platform forever. By one CARDINAL of our early developers. It's not the kind of thing that I I think a normal Would ever think of but when developed by young creator, you know, we're gonna be, we're gonna be hanging out together and there's gonna be a hurricane and we gotta like run away from it. There's gonna be a lightning storm. Like that kind of stuff. We see a lot of that creative game play coming from the younger developers. What were you into as a kid? Were you a game I was kind of a nerd when I was a kid I was studied really hard I luckily grew up in Eden Prairie Minnesota LOC at the time it was out in the boonies from Minneapolis GPE Minnesota GPE there were sandpits and We did a lot of model rockets and we built go karts and we you know it's kind of one of these idyllic childhoods that one CARDINAL key thing that happened to me very early on is we had a computer lab in the school and then my parents bought me an apple too at the time and that kinda got me interested in this I also heard you were the captain of your high school TV quiz team. Yeah, so think of think of Minnesota GPE in the 1970 DATE 's and 80s DATE where every weekend DATE , two CARDINAL different schools compete, four CARDINAL students from each school, you know, and a really funny four CARDINAL by four CARDINAL configuration on a Had a pretty good quiz bowl team. You eventually made it to silicon Valley LOC . Yeah. Went to Stanford ORG . You started a company called Knowledge Revolution in the 80s EVENT where users could create and test physics experiments. That's right. The science kid in you coming to life Yeah, you know, went to school, had a couple hard years DATE with jobs that weren't really that exciting, took a few months DATE off, and I got really excited about there's this whole blossoming educational software, marketplace, the McIntosh ORG , it just been introduced, and it was just really interesting, exciting. I did a survey of all of that and a lot of the educational software was So when we looked at physics it was a whole different idea could we make a wide open labratory rebuild anything any physics experiment bring it to life measure it see what it feels like you sold that company made some money became an investor and you invested in Oh, yeah. Wow. I I had a friends through account. I'm dating myself a little bit. But I had a friends to account. I'm curious what you learn from the early days DATE of social media. Yes, so one thing I learned is it was really fun to invest but it's not my sweet spot. Like my sweet spot is trying to build and create things. I remembered, I think Having account number 79 CARDINAL on friends their and just seeing that wonderful thing of finding other people friend and friend playing around with that early user interface it's a little bit almost thinking of interactive physics where we were simulating the world and then They're seeing how important social is. Those are a couple of the components that have come together in roadblocks. So, when you start a Roblox in 2004 DATE , what was the idea back then? The feeling of this new category for me started feeling almost inexerable. Category that people have been talking about in sci ORG fi for many many years DATE . We've seen futurist talk about it. We've seen a lot of movies. We were thinking yes, a massive threeD co experience. Kids flocked to Roblox PERSON during a pandemic You went public in the middle of the pandemic 2021 CARDINAL 45 1 billion dollars MONEY market cap we spoke on that day even you have said that kind of growth won't keep up what kind of growth can we expect from roblox in Normal times. Ever is gonna be a part of all of our lives. It's gonna be the way we communicate. How people get to go to school when they can't get into school. How people. So they're gonna go to school. If I happen to be taking my science class and I can't get into the classroom and we're dissecting a frog. We'll probably dissect the frog in something like Roblox Simulation FAC which I think's gonna be very very powerful and for our company where there's a lot of people that are gonna end up working all around the world, some of us will be in the office, some won't. Having a common threeD

Went to school had a couple hard years with jobs that weren't really that exciting took a few months DATE off and I got really excited about there's this whole blossoming educational software marketplace at the McIntosh ORG it just been introduced and it was just really Exciting ORG . I did a survey of all of that and a lot of the educational software was very pre canned. So, when we looked at physics, it was a whole different idea. Could we make a wide open labratory? We could build anything, any physics, experiment, bring it to life, measure it, see what it feels like. You sold that company, made some Became an investor and you invested in Oh yeah, wow. I I had a friends to account. I'm dating myself a little bit. But I had a friend to work out. I'm curious what you learn from the early days DATE of social media. Yeah, so one thing I learned is it was really fun to invest but it's not my sweet spot. Like my sweet Trying to build and create things. I remembered, I think having account number 79 CARDINAL on friends. They're and just seeing that wonderful thing of finding other people, friend of friend, playing around with that early user interface. It's a little bit almost thinking of interactive physics where we were sim The world and then friends they're seeing how important social is those are a couple of the components that have come together in roadblocks so when you start a roadblocks in 2004 DATE what was the idea back then the feeling of this new category for me started feeling almost inexerable it's Category that people have been talking about in sci ORG fi for many many years DATE . We've seen futurist talk about it. We've seen a lot of movies. We were thinking yes immersive 3d co experience. Kids flocked to Roblox during a pandemic. You went public in the middle of the 2021 DATE , 45 1 billion dollars MONEY market cap. We spoke on that day DATE . Even you have said that kind of growth won't keep up. What kind of growth can we expect from Roblox PERSON ? In normal times. Be a part of all of our lives. It's gonna be the way we communicate. How people get to go to school when they can't get into school, how people. So they're gonna go to school in Roblox PERSON . If I happen to be taking my science class and I can't get into the classroom and we're dissecting Dissect the frog in something like roadblocks and a simulation which I think is gonna be very very powerful and for our company where there's a lot of people that are gonna end up working all around the world, some of us will be in the office, some won't Having a common threeD place where we can have those water cooler conversations where everyone has a desk but we get that serendipitous thing where we both happen to go over and chat. I think also is gonna be very big Your goal is to build an entirely new category of human Experience. How do you moderate that on such a massive scale? Access the financial world on demand. Here from leading economists Policy makers. And industry experts. Be alive and on demand webinars. Only from Bloomberg ORG . Start exploring to see what's moving the markets. Visit Bloomberg PERSON . Com webinars Tag on the product may read made in the USA GPE but Microsoft ORG Sacha Nadela IBM's ORG Arvin Krishna PERSON micron technology Sanjay Majotra PERSON and that's just the start Added the cheap executives of Adobe ORG Deloitte Gap VM ware and that Count Indians NORP running companies all over the world. Why have so many Indians NORP risen to the top? But no Points ORG to India GPE 's incredibly competitive education system. If you can survive the pressure it takes to get into one of the Indian Institutes of Technology ORG . It gives you confidence to handle American NORP universities and later at the business world. Meanwhile, the belief in India GPE 's ability to produce so many tech wizards is reinforced every year DATE . Indians NORP make up Reforce of the immigrants receiving coveted HoneB visas for the US GPE .

And you became an investor and you invested in Oh yeah, wow. I I had a friends to account. I'm dating myself a little bit. But I had a friend to account. I'm curious what you learn from the early days DATE of social media. Yes, so one thing I learned is it was really fun to invest but it's not my sweet spot. Like my sweet spot is trying to build and create things. I remembered, I think Account number 79 CARDINAL on friends. They're and just seeing that wonderful thing of finding other people, friend of friend, playing around with that early user interface. It's a little bit almost thinking of interactive physics where we're simulating the world and then friends, they're seeing how Those are a couple of the components that have come together in roadblocks. So, when you start a Roblox in 2004 DATE , what was the idea back then? The feeling of this new category for me started feeling almost inexerable. It's a category that people have been talking Sci PERSON fi for many many years DATE . We've seen futurist talk about it. We've seen a lot of movies. We were thinking yes immersive 3d co experience. Kids flocked to Roblox during a pandemic. You went public in the middle of the Make 2021 45 1 billion dollars MONEY market cap. We spoke on that day DATE . Even you have said that kind of growth won't keep up. What kind of growth can we expect from Roblox PERSON ? In normal times. Part of all of our lives. It's gonna be the way we communicate. How people get to go to school when they can't get into school. How people. So they're gonna go to school in Roblox PERSON . If I happen to be taking my science class and I can't get into the classroom and we're Dissecting a frog. We'll probably dissect the frog in something like Roblox PERSON and a simulation. Which I think's gonna be very very powerful. And for our company where there's a lot of people that are gonna end up working all around the world. Some of us will be in the office Having a common threeD place where we can have those water cooler conversations where everyone has a desk but we get that serendipitous thing where we both happen to go over and chat. I think also is gonna Very big. Your goal is to build an entirely new category of human Experience. How do you moderate that on such a massive scale? Access the financial world on demand Hear from leading economists Policy makers And industry experts via live and on demand webinars. Only from Bloomberg ORG . Start exploring to see what's moving the markets. Visit Bloomberg PERSON . Com webinars Tag on the product may read made in the USA GPE but Often PERSON says made in India GPE . Alphabet sun PERSON dart patch eye Microsoft ORG Sacha Nadela IBM's ORG Irvin Krishna PERSON my crime technology Sanjay Mayhotra PERSON and that's just And that doesn't count Indians NORP running companies all over the world. Incredibly competitive education system if you can survive the pressure it takes to get into one of the Indian Institutes of Technology ORG it gives you confidence to handle American NORP universities and later at the business world Meanwhile the belief in India GPE 's ability to produce so many tech wizards is reinforced every year Indians NORP make up Three fourths QUANTITY of the immigrants receiving coveted Hone B visas for the US GPE and it's Everybody is talking about the metaverse as something that's going to happen in the future but there's an argument to be made that roadblocks has already built. A better verse what do you think I think we've started It goes back to how exciting it is to to have a company in the space that I think is ultimately got so many years of growth to it and is a new category following other types of technologies. There's still so much innovation.

Yeah, wow. I had a friends to account. I'm dating myself a little bit. But I had a friend to account. I'm curious what you learn from the early days DATE of social media. Yes, so one thing I learned is it was really fun to invest but it's not my sweet spot. Like my sweet spot is trying to build and create things. I remembered, I think having Number 79 CARDINAL on friends. They're and just seeing that wonderful thing of finding other people, friend of friend, playing around with that early user interface. It's a little bit almost thinking of interactive physics where we were simulating the world and then friends their seeing how important Those are a couple of the components that have come together in roadblocks. So, when you start a Roblox in 2004 DATE , what was the idea back then? The feeling of this new category for me started feeling almost inexerable. It's a category that people We've seen a lot of movies. We were thinking yes immersive 3d co experience. Kids flocked to roadblocks during the pandemic. In the middle of the pandemic 2021 CARDINAL 45 1 billion dollars MONEY market cap we spoke on that day even you have said that kind of growth won't keep up what kind of growth can we expect from roblox in normal times we believe Be a part of all of our lives. It's gonna be the way we communicate. How people get to go to school when they can't get into school. How people. So they're gonna go to school in Roblox PERSON . If I happen to be taking my science class and I can't get Classroom PRODUCT and were dissecting a frog. We'll probably dissect the frog in something like Roblox PERSON and a simulation which I think is gonna be very very powerful and for our company where there's a lot of people that are gonna end up working all around the Some of us will be in the office some won't having a common threeD place where we can have those water cooler conversations where everyone has a desk but we get that serendipitous thing where we both happen to go over and chat. I think also is Be very big. Your goal is to build an entirely new category of human Experience. How do you moderate that on such a massive scale? Access the financial world on demand Here from leading economists Policy makers. And industry experts be alive and on demand webinars. Only from Bloomberg ORG . Start exploring to see what's moving the markets. Visit Bloomberg PERSON . Com webinars Tag on the product may read made in the USA GPE but Often PERSON says made in India GPE . Alphabets sun dart patch eye Microsoft ORG such a Nadella IBM's ORG Irvin Krishna PERSON my crime technology Sanjay Mayhotra PERSON and that's just the Added the cheap executives of Adobe, Deloy, Gap ORG , VMware ORG , and that Count Indians NORP running companies all over the world. Why have so many Indians NORP risen to the top but Technology it gives you confidence to handle American NORP universities and later at the business world. Meanwhile the belief in India GPE 's ability to produce so many tech wizards is reinforced every year Indians NORP make up Visas GPE for the US GPE . And it's a Everybody is talking about the metaverse as something that's going to happen in the future but there's an argument to be made that roadblocks has already built A better verse what do you think I think we've started It goes back to how exciting it is to to have a company in the space that I think is ultimately got so many years of growth to it and it's a new category following other types of technologies. There's still Innovation to be done and there's so much invention to be done in this category that it's mind boggled.

Powerful and for our company where there's a lot of people that are gonna end up working all around the world, some of us will be in the office, some won't. Having a common threeD place where we can have those water cooler conversations where everyone has a desk but we Where we both happen to go over and chat. I think also is gonna be very big. Your goal is to build an entirely new category of human Experience. How do you moderate that on such a massive scale? Access the financial world on demand. Hear from leading economists Policy makers. And industry experts be alive and on demand webinars. Only from Bloomberg ORG . Start exploring to see what's moving the markets. Visit Bloomberg PERSON . Com webinars Tag on the product may read made in the USA GPE but Often PERSON says made in India GPE . Alphabet sun dart PERSON patchai Microsoft ORG such a Nadella IBM's ORG Irvin Krishna PERSON micron technology Sanjay Mayhotra PERSON and that's Gap VM ORG ware and that Count Indians NORP running companies all over the world. Why have so many Indians NORP risen to the top? Competitive education system. If you can survive the pressure it takes to get into one of the Indian NORP institutes of technology. It gives you confidence to handle American NORP universities and later at the business world. Meanwhile the belief in India GPE 's ability to produce so many tech wizards is reinforced every year Indians NORP make up Visa ORG for the US GPE . And it's a Everybody is talking about the metaverse as something that's going to happen in the future but there's an argument to be made that roadblocks has already built. A better verse what do you think I think we've started and it goes back to how exciting it is to to have a company in this space that I think is ultimately got so many years of growth to it and it's a new category following other types of technologies. There's still so much innovation And there's so much invention to be done in this category that it's mind boggling. That metaverse the term is just How do you respond to that? This type of technology is much more difficult than the net or the web which was another huge thing that we saw predicted and has started to come but but I think we're seeing early signs of it. When Mark Zucker Announced PERSON his plan to Change Facebook's name to Meta ORG as if it was something new. Did that kinda bother you? No, of course not. It's Hard to predict in five to 10 or 20 years CARDINAL Companies that really figure it out and there's so many elements of innovation that are needed. Having a UGC ORG community, one CARDINAL of our strengths. We think that's like a huge starting point for us, but we're early in our quest for innovation here. Roblox has built a huge business selling Does this evolve into a much bigger marketplace? Revelation that people would ultimately make a living on platforms like this that started this digital currency is very Roblox centric and that we're a systems company or a utility so it has form this robust economy it's allowed us to keep robot you know Roblox PERSON is free for the Majority would Roblox have a partner with some of these other companies working on the Metaverse whether it is Meta ORG or Unity or epic or Microsoft ORG . The core technology of, you know, how are we gonna ultimately support 50 1000 CARDINAL people in real time on a phone, going to a concert together and waving at your friends. I think that's gonna Lot of engineering work that each company is gonna be working on and it's gonna be really hard. As far as ultimately, can an avatar go from one CARDINAL place to another. I think the

Indians NORP make up Three fourths QUANTITY of the immigrants receiving coveted Hone B visas for the US GPE and it's Everybody is talking about the metaverse as something that's going to happen in the future but there's an argument to be made that roadblocks has already built. A better verse what do you think I think we've started It goes back to how exciting it is to to have a company in the space that I think is ultimately got so many years of growth to it and is a new category following other types of technologies. There's still so much innovation to be done. And there's so much invention to be done in this category. That's mine boggling. Think that Metaverse PERSON the term is just How do you respond to that? This type of technology is much more difficult than the net or the web which was another huge thing that we saw predicted and has started to come but but I think we're seeing early signs of it. When Mark Zuckerberg PERSON announced his And to And change Facebook's name to Meta ORG as if it was something new. Did that kinda bother you? No, of course not. It's Hard to predict in five to 10 or 20 years CARDINAL what are the companies that really figure it out and there's so many elements of innovation that are needed having a UGC ORG community one CARDINAL of our strengths we think that's like a huge starting point for us but we're early in our quest for innovation here Roblox has Huge business selling Does this evolve into a much bigger marketplace? That people would ultimately make a living on platforms like this that started this digital currency is very roadblock centric and that we're a systems company or a utility so it has form this robust economy it's allowed us to keep robot you know Roblox PERSON is free for the vast majority Roblox ever partner with some of these other companies working on the Metaverse whether it is Meta ORG or unity or epic or Microsoft ORG . The core technology of, you know, how are we gonna ultimate Support 50 1000 people in real time on a phone going to a concert together and waving at your friends I think that's gonna be a lot of engineering work that each company is gonna be working on and it's gonna be really hard as far as ultimately can an avatar go from one CARDINAL place to another I think they'll be lightweight way Starting to think about that. So, what role do you think Apple ORG and Android ORG should play in the Metaverse? And and would their policies need to change to really support this vision? The biggest thing we would take advantage of if it were to happen is In those store fees. We we stay out of it. We like google and apple kind of run their businesses but when we think about more and more developers making a living on platforms like us and having to build stuff if those store fees were to change, we would move most of that money back to our Your goal is to build an entirely new category of human Experience. The next phase of human interaction. Yum. How do you moderate That on such a massive scale. Yeah. And are you doing a good enough job? In the third week DATE , when we were live, you can go imagine Eric PERSON and myself back in our small office. Eric PERSON and I said, oh my gosh, safety and civilities. It's we're gonna have to do. We had maybe 100 CARDINAL people at the time chatting on roadblock We saw a few not that egregious but early signs and we just made the call this is gonna be the foundation of what we do in the early years DATE of Roblox as we've gotten bigger we've gotten to the point where there's thousands CARDINAL of moderators every image that goes Platform gets human reviewed. We filter texts very stringently especially for 13 DATE and under players. We use a lot of AI and ML GPE to help do this. We're always getting better. But it is a key thing for us How after mistake are you about AI and tech being able to do that? I'm really actually optimistic. We would never compare to the real world because our standards are so much more stringent. But I do believe this will just keep getting better and better and I think over time it'll be

Following other types of technologies. There's still so much innovation to be done. And there's so much invention to be done in this category. That's mind boggling. The critics think that metaverse the term is just marketing. Respond to that. This type of technology is much more difficult than the net or the web which was another huge thing that we saw predicted and has started to come but but I think we're seeing early signs of it. When Mark Zuckerberg PERSON To his plan to Matters ORG and change Facebook's name to Meta ORG as if it was something new. Did that kinda bother you? No, of course not. It's Hard to predict in five to 10 or 20 years CARDINAL . Where did the companies that really figure it out? And there's so many elements of innovation that are needed. Having a UGC ORG community, one CARDINAL of our strengths. We think that's like a huge starting point for us, but we're early in our quest for innovation here. Roblox has Huge business selling Does this evolve into a much bigger marketplace? Make a living on platforms like this that started this digital currency is very roadblock centric and that we're a systems company or a utility so it has form this robust economy it's allowed us to keep robot you know roblox is free for the Majority. Would Roblox have a partner with some of these other companies working on the Metaverse whether it is Meta ORG or unity or epic or Microsoft ORG ? The core technology of, you know, how are we gonna ultimately support 50 1000 CARDINAL people in real time on a phone, going to a concert together and waving at your friends? I think that's Each company is gonna be working on and it's gonna be really hard. As far as ultimately, can an avatar go from one CARDINAL place to another. I think they'll be lightweight ways of starting to think about that. So, what role do you think Apple ORG and Android ORG should play in the metaphors? And and would there polic To change to really support this vision. The biggest thing we would take advantage of if it were to happen is a change in those store fees. We we stay out of it. We like google and Apple ORG kind of run their businesses but when we think about more and more developers making a living on Like us and having to build stuff if those sorphies were to change we would move most of that money back to our developers your goal is to build an entirely new category of human Experience. The next phase of human interaction. Yeah. How do you moderate That on such a massive scale. Yeah. And are you doing a good enough job? In the third week DATE , when we were live, you can go imagine Eric PERSON and myself back in our small office. Eric PERSON and I said, oh my gosh, safety and civilities. It's we're gonna have to do. We had maybe 100 CARDINAL people at the time chatting on roadblock We saw a few not that egregious but early signs and we just made the call this is gonna be the foundation of what we do in the early years DATE of Roblox as we've gotten bigger we've gotten to the point where there's thousands CARDINAL of moderators every image that goes Platform gets human reviewed. We filter texts very stringently especially for 13 DATE and under players. We use a lot of AI and ML GPE to help do this. We're always getting better. But it is a key thing for us How often are you about AI and tech being able to do that? I'm really actually optimistic. We would never compare to the real world because our standards are so much more stringent. But I do believe this will just keep getting better and better and I think over time it'll get to the point where if a 6 year old DATE is Platform it's literally as if the parents wanted to be there with them watching everything we'll be able to offer that type of thing no a lot of parents are terrified they're terrified of a future metaverse they don't understand the parental controls do you understand that feeling we do we actually have I think it creates a higher standard for us because I think we can't assume every parent is gonna get that involved with their kids. There have been some serious content challenges, you know, the stories about Roblox being a playground for virtual fascists.

That I think is the ultimately got so many years of growth to it and it's a new category following other types of technologies. There's still so much innovation to be done and there's so much invention to be done in this category. That's mind boggling. Just marketing. How do you respond to that? This type of technology is much more difficult than the net or the web which was another huge thing that we saw predicted and has started to come but but I think we're seeing early signs of it. When Mark Zuckerberg PERSON announced his plan to Own the meta verse and change Facebook's name to Meta ORG as if it was something new. Did that kinda bother you? No, of course not. It's Hard to predict in five to 10 or 20 years CARDINAL . What are the companies that really figure it out and there's so many elements of innovation that are needed. Having a UGC ORG community, one CARDINAL of our strengths. We think that's like a huge starting point for us, but we're early in our quest for innovation here. Roblox has Huge business selling Does this evolve into a much bigger marketplace? Revelation that people would ultimately make a living on platforms like this that started this digital currency is very roadblock centric and that we're a systems company or a utility so it has formed this robust economy it's allowed us to keep robot you know Roblox PERSON is free for the vast majority what Roblox ever partner with some of these other Nobody PERSON 's working on the metaverse whether it is meta or unity or epic or Microsoft ORG . Core ORG technology of, you know, how are we gonna ultimately support 50 1000 CARDINAL people in real time on a phone, going to a concert together and waving at your friends. I think that's gonna be a lot of engineering work that each company is gonna be working on and it's gonna be really hard. As far as ultimately, can an avatar go from one To another. I think they'll be lightweight ways of starting to think about that. So, what role do you think Apple ORG and Android ORG should play in the metaphors? And and would there policies need to change to really support this vision? The biggest thing we would Take advantage of if it were to happen is a change in those store fees. We we stay out of it. We like google and apple kind of run their businesses but when we think about more and more developers making a living on platforms like us and having to build stuff, if those store fees were to change, we would move most of that money back Developers. Your goal is to build an entirely new category of human Experience. The next phase of human interaction. Yeah. How do you moderate That on such a massive scale. Yeah. And are you doing a good enough job In the third week DATE , when we were live, you can go imagine Eric PERSON and myself back in our small office. Eric PERSON and I said, oh my gosh, safety and civilities. It's we're gonna have to do it. We had maybe 100 CARDINAL people at the time chatting on roadblocks. We saw a few not that egregious but early signs and we just made the call. This is gonna be The foundation of what we do in the early years DATE of Roblox as we've gotten bigger we've gotten to the point where there's thousands CARDINAL of moderators every image that goes on our platform gets human reviewed we filter texts very stringently For 13 DATE and under players. We use a lot of AI and ML GPE to help do this. We're always getting better. But it is a key thing for us. After mistake are you about AI and tech being able to do that I'm really actually optimistic we would never compare to the real world because our standards are so much more stringent but I do believe this will just keep getting better and better and I think overtime it'll get to the point where if a 6 year old DATE is on our platform it's As if the parents wanted to be there with them watching everything we'll be able to offer that type of thing no a lot of parents are terrified they're terrified of a future metaphors they don't understand the parental controls do you understand that feeling we do we actually have to I think it creates a higher For us because I think we can't assume every parent is gonna get that involved with their kids. There have been some serious content challenges, you know, the story.

That each company is gonna be working on and it's gonna be really hard. As far as ultimately, can an avatar go from one CARDINAL place to another. I think they'll be lightweight ways of starting to think about that. So, what role do you think Apple ORG and Android ORG should play in the Metaverse? And and Policies ORG need to change to really support this vision. The biggest thing we would take advantage of if it were to happen is a change in those store fees. We we stay out of it. We like google and apple kind of run their businesses but when we think about more and more developers making a living on Like us and having to build stuff if those store fees were to change we would move most of that money back to our developers your goal is to build an entirely new category of human Experience. The next phase of human interaction. Yeah. How do you moderate That on such a massive scale. Yeah. And are you doing a good enough job In the third week DATE , when we were live, you can go imagine Eric PERSON and myself back in our small office. Eric PERSON and I said, oh my gosh, safety and civilities. It's we're gonna have to do. We had maybe 100 CARDINAL people at the time chatting on roblox. We saw a few not that egregious but early signs and we just made the call. This is gonna be The foundation of what we do in the early years DATE of Roblox as we've gotten bigger we've gotten to the point where there's thousands CARDINAL of moderators every image that goes on our platform gets human reviewed we filter texts very stringently especially 13 and under players. We use a lot of AI and ML GPE to help do this. We're always getting better. But it is a key thing for us. After mistake are you about AI and tech being able to do that I'm really actually optimistic we would never compare to the real world because our standards are so much more stringent but I do believe this will just keep getting better and better and I think over time it'll get to the point where if a 6 year old DATE is on our platform it's As if the parents wanted to be there with them watching everything we'll be able to offer that type of thing. No a lot of parents are terrified. They're terrified of a future. They don't understand the parental controls. Do you understand that feeling? We do. We actually have to I think it creates a higher For us because I think we can't assume every parent is gonna get that involved with their kids. There have been some serious content challenges, you know, About Roblox being a playground for virtual fascists. What? Sex tape of her. That was very unfortunate. There was a text blur about very shortly that very very few people saw. We took the place down. We moderated that user in the rough are platform. It was not the video was never on our platform. There was no imagery on our platform. It was a very short mention. But very unfortunate and Well, you know, our vision is to be the most civil place for everyone. Alphabet in Google ORG . This question about kids and tech habits and screen time and he said it's something that even stresses him out. You know, this is the guy who runs one of the most powerful technology companies in the world. I have four CARDINAL kids. You have four CARDINAL kids. Did it stress you out? Like, how did you deal with your kids? I think it highlights how much it's a responsibility of both Platforms like us as well as parents. You know, we're all trying to figure this out. I think the one thing that we're very encouraged is that the time spent on Roblox tends to be more Hanging GPE out together we're being on the phone together or doing stuff together and a lot less of it is isolated either consuming content by myself or grinding away at something by myself so we do like the fact that most of this is either We're involved in creation. What about entertainment? Would Roblox ever make a Netflix PERSON show? People ask me all the time what is the key to being a really good investor my

We would never compare to the real world because our standards are so much more stringent but I do believe this will just keep getting better and better and I think over time it'll get to the point where if a 6 year old DATE is on our Form. It's literally as if the parents wanted to be there with them watching everything. We'll be able to offer that type of thing. Now, a lot of parents are terrified. They're terrified of a future metaverse. They don't understand the parental controls. Do you understand that feeling? We do. We actually have to It creates a higher standard for us because I think we can't assume every parent is gonna get that involved with their kids. There have been some serious content challenges, you know, About roblox being a playground for virtual fascists. What? Sex tape of her. That was very unfortunate. There was a text blur about very shortly that very very few people saw. We took the place down. We moderated that user in the off our platform. It was not the video was never on our platform. There was no imagery on our platform. It was a very short mention. But very unfortunate and Well, you know, our vision is to be the most civil place for everyone. Alphabet and Google this question about kids and tech habits and screen time and he said it's something that even stresses him out. You know, this is the guy who runs one of the most powerful technology companies in the world. I have four CARDINAL kids. You have four CARDINAL kids. Did it stress you out? Like, how did you deal with your kids? I think it highlights how much it's a responsibility of both Platforms like us as well as parents. You know, we're all trying to figure this out. I think the one thing that we're very encouraged is that the time spent on Roblox tends to be more Hanging GPE out together we're being on the phone together or doing stuff together and a lot less of it is isolated either consuming content by myself or grinding away at something by myself so we do like the fact that most of this is either We're involved in creation. What about entertainment? Would Roblox ever make a Netflix PERSON show? People ask me all the time what is the key to being a really good investor I tell them it's the surround yourself with and work with the best investors you can find on Bloomberg Wealth PERSON I'm gonna take you to meet the greatest investors in the world the people that I would like to have managing my money that the start of the internet revolution I kicked up a lot of controversy declaring that the internet had been under hyped. I say the same thing today DATE about the climate revolution. I'm David Weston PERSON . Renewables PERSON . This is a level of uncertainty that we haven't had to deal with. You've been investing in high fidelity graphics what is the end game here for you know more human more realistic avatars Like a science fiction writer and talk about it and I what I'm talking about now is super difficult. The end game sometimes we talk about we would go together to a rock concert or whatever concert you like. We would be there with 50 1000 CARDINAL other people. It would feel like a movie. It would feel like real life. So are you pushing towards something like Meta ORG horizon worlds is does that You know, more experiences like that for adults. We sometimes think of roblox ultimately as fading into the background as a utility like the old

For us because i think we can't assume every parent is gonna get that involved with their kids. There have been some serious content challenges, you know, The stories about Roblox being a playground for virtual fascist. Well there was just a story about Kim Kardashian's PERSON own child Sex tape of her. Happened there? That was very unfortunate. There was a text blur about very shortly that very very few people saw. We took the place down. We moderated that user in the off our platform. It was not the video was never on our platform. There was no imagery on our platform. It was a very short mention. But very unfortunate and Well, you know, our vision is to be the most civil place for everyone. The CEO of Alphabet and Google this question about kids and tech habits and screen time and he said it's something that even stresses him out. You know, this is the guy who runs one of the most powerful technology companies in the world. I have four CARDINAL kids. You have four CARDINAL kids. Did it stress you out? Like, how did you deal with your kids? I think it highlights how much it's a responsibility of both Platforms like us as well as parents. You know, we're all trying to figure this out. I think the one thing that we're very encouraged is that the time spent on Roblox tends to be more Hanging GPE out together we're being on the phone together or doing stuff together and a lot less of it is isolated either consuming content by myself or grinding away at something by myself so we do like the fact that most of this is either Were involved in creation. What about entertainment? Would Roblox ever make a Netflix PERSON show? People ask me all the time what is the key to being a really good investor I tell them it's the surround yourself with and work with the best investors you can find on Bloomberg Wealth PERSON I'm gonna take you to meet the greatest investors in the world the people that I would like to have managing my money that the start of the internet Revolution. Kicked up a lot of controversy declaring that the internet had been under hyped. I say the same thing today DATE about the climate revolution. I'm David Weston PERSON . We think that's the next secular shift. Yes, it's about renewables. This is a level of uncertainty that we haven't had to deal with. Television and radio. You've been investing in high fidelity graphics what is the end game here for you know more human more realistic avatars Like a science fiction writer and talk about it and I what I'm talking about now is super difficult. The end game sometimes we talk about we would go together to a rock concert or whatever concert you like. We would be there with 50 1000 CARDINAL other people. It would feel like a movie. It would feel like real life. So are you pushing towards something like Met PRODUCT a horizon worlds is does that You know, more experiences like that for adults. We sometimes think of robots ultimately as fading into the background as a utility like the electric grid. Even those photo realistic and there's all these awesome avatars and connection and Identity around the world. The things we start seeing built on this are wide range of things. So you imagine this not just for kids but for everyone Question. Absolutely. What about entertainment? Would Roblox ever make a Netflix PERSON show? Developers made a Netflix PERSON show. So, we would, we would feel much more authentic if one of the creators on roadblocks is coming up with avatars and stories and ideas and characters like that. We want them to be in the limelight. Rob PERSON share.

Over their kids. There have been some serious content challenges, you know, Stories about Roblox being a playground for virtual fascists. What? Sex tape of her. Happened there. That was very unfortunate. There was a text blur about very shortly that very very few people saw. We took the place down. We moderated that user in their off our platform. It was not the video was never on our platform. There was no imagery on our platform. It was a very short mention but very unfortunate and Well, you know, our vision is to be the most civil place for everyone. Hi the CEO of Alphabet GPE and Google this question about kids and tech habits and screen time and he said it's something that even stresses him out you know this is the guy who runs one of the most powerful technology companies in the world I have four CARDINAL kids you have four CARDINAL kids did it stress you out like how did you deal with your kids How much it's a responsibility of both platforms like us as well as parents. You know, we're all trying to figure this out. I think the one thing that we're very encouraged is that the time spent on Roblox tends to be more Hanging GPE out together. We're being on the phone together or doing stuff together and a lot less of it is isolated either consuming content by myself or grinding away at something by myself. So, we do like the fact that most of this is either Were involved in creation. What about entertainment? Would Roblox ever make a Netflix PERSON show? People ask me all the time what is the key to being a really good investor? I tell them it's to surround yourself with and work with the best and best as you can find. On Bloomberg Wealth PERSON , I'm gonna take you to meet the greatest investors in the world. That I would like to have managing my money. Revolution I have kicked up a lot of controversy declaring that the internet had been under hyped. I say the same thing today DATE about the climate revolution. I'm David Weston PERSON . Yes it's about renewables. This is a level of uncertainty that we haven't had to deal with. Television and radio You've been investing in high fidelity graphics what is the end game here for you know more human more realistic avatars Like a science fiction writer and talk about it and I what I'm talking about now is super difficult. The end game sometimes we talk about we would go together to a rock concert or whatever concert you like. We would be there with 50 1000 CARDINAL other people. It would feel like a movie. It would feel like real life. So are you pushing towards something like Meta ORG horizon worlds is does that You know, more experiences like that for adults. We sometimes think of roblox ultimately as fading into the background as a utility like the electric grid. Even though it's photo realistic, and there's all these awesome avatars and connection, and ident Around the world. The things we start seeing built on this are wide range of things. So you imagine this not just for kids but for everyone. Adults too. Okay. Absolutely. What about entertainment? Would Roblox ever make a Netflix PERSON show? We would love it if one of our developers made a Netflix PERSON show. So, we would, we would feel much more authentic if one Creators on Roblox who's coming up with avatars and stories and ideas and characters like that we want them to be in the limelight. Roblox chairs took a dive on the back of Netflix GPE results which Obviously.

People ask me all the time what is the key to being a really good investor I tell them it's a surround yourself with and work with the best investors you can find on Bloomberg Wealth PERSON I'm gonna take you to meet the greatest invest In the world. The people that I would like to have managing my money. At the start of the internet revolution I have kicked up a lot of controversy declaring that the internet had been under hyped. I say the same thing today DATE about the climate revolution. I'm David Weston PERSON . Yes it's about renewables This is a level of uncertainty that we haven't had to deal with. Television and radio You've been investing in high fidelity graphics what is the end game here for you know more human more realistic avatars Like a science fiction writer and talk about it and I what I'm talking about now is super difficult. The end game sometimes we talk about we would go together to a rock concert or whatever concert you like. We would be there with 50 1000 CARDINAL other people. It would feel like a movie. It would feel like real life. So are you pushing towards something like Meta ORG horizon worlds is does that You know, more experiences like that for adults. We sometimes think of roblox ultimately as fading into the background as a utility like the electric grid. Even though it's photo realistic, and there's all these awesome avatars and connection, and identity The world. The things we start seeing built on this are wide range of things. So, you imagine this not just for kids but for everyone. Adults too. Okay. Absolutely. What about entertainment? Would Roblox ever make a Netflix PERSON show? We would love it if one of our developers made a Netflix PERSON show. So, we would, we would feel much more authentic if one of the creators on Roblox PERSON who's coming up with avatars and stories and ideas and characters like that. We want them to be in the limelight. Roblox Took a dive on the back of Netflix GPE results which obviously plummeted. Our investors reading too much into the connection there. I think our company is somewhat unique and what is very exciting to go to work and be the CEO is being in a market like this, you know, where we think ultimately, Bill People PERSON are gonna use this type of technology and the other exciting thing about this market So many big inventions that still have to happen. It feels like we're pretty mature but inside our company, we realize like there's six CARDINAL or seven CARDINAL big inventions we need to make to get to that next step. Would roadblocks ever consider more in game advertising? Yeah, there's a funny trivia note I would share to all the Roblox PERSON fans out there. There was The very first ORDINAL way we monetize was advertising and then there was also a time when we had pre-roll video on roadblocks that's all gone now it's gone for a couple of reasons we didn't want it to interfere with the user experience and also our our virtual economy has become such a powerful way to power this that we are able to Down. In the future though, I think there's a certain type of advertising that is kids safe, that is immersive that doesn't get in your way. Take away from the ethos of what makes roblox green yeah I think our the people on Roblox you know there there to authentically connect with their friends and as long as what we're doing with these brands is very clear and non deceptive appropriate for those ages I think they'll they'll figure The balance of how much time do we go into a store versus how much time do we go to a crazy adventure tycoon and you know build an amusement park together. So either way this could be a huge new revenue stream for you. I believe it's

Does that You know, more experiences like that for adults. We sometimes think of roblox ultimately as fading into the background as a utility like the electric grid. Even those photo realistic and there's all these awesome avatars and connection and Danity around the world. The things we start seeing built on this are wide range of things. So, you imagine this not just for kids but for everyone. Adults too Okay. Absolutely. What about entertainment? Would Roblox ever make a Netflix PERSON show? We would love it if one of our developers made a Netflix PERSON show. So, we would, we would feel much more authentic if one of the creators on Roblox PERSON who's coming up with avatars and stories and ideas and characters like that. We want them to be in the limelight. Rob Took PERSON a dive on the back of Netflix GPE results which Plummeted. Our investors reading too much into the connection there. I think our company is somewhat unique and what is very exciting to go to work and be the CEO is being at a market like this, you know, where we think ultimately, Billions of people are gonna use this Technology and the other exciting thing about this market Many big inventions that still have to happen. It feels like we're pretty mature but inside our company, we realize like there's six CARDINAL or seven CARDINAL big inventions we need to make to get to that next step. Consider more in game advertising? Yeah, there's a funny trivia. Note I would share to all the Roblox PERSON fans out there. There was a time, the very first ORDINAL way we monetize was advertising, and then there was also a time when we had pre-roll video on Roblox PERSON . That's all gone now. It's gone Couple of reasons. We didn't want it to interfere with the user experience. And also our our virtual economy has become such a powerful way to power this that we are able to take that down. In the future though I think there's a certain type of advert That is kids safe that is immersive that doesn't get in your way. And how do you make sure that doesn't take away from the ethos of what makes Roblox PERSON great? Yeah, I think our the people on Roblox PERSON , you know, they're there to authentically connect with their friends As long as what we're doing with these brands is very clear non-deceptive appropriate for those ages DATE . I think they'll they'll figure out the balance of how much time do we go into a store versus how much time do we go to a crazy adventure tycoon and you know, build an amusement park together. So, either way, this could Huge new revenue stream for you. I believe it's an awesomely huge revenue stream and at the same time, we've been very gentle towards it. So, as you look ahead, what do you think are the biggest challenges? Roblox will face. Please out which we hope it does and we have people of all ages on the platform and we're around the world I think this maintaining that civility as we grow as we have older people who might wanna do go to a political rally thinking ways to do that in a systemic way that's a big challenge it takes a lot of thought I think thinking through the I I really like we're very technology driven company so it's fun to be running a company where we have to do these seven CARDINAL big inventions and you know what we're doing right now isn't gonna cut it so knowing that technology challenges Are interesting. We do a little rapid fire section just to get this. Okay. Awesome ORG . First ORDINAL question what's your morning routine Wake up. Go outside on my porch do a CrossFit workout Go to work. Where are you most productive? Home or office? Both. Different types of productivity, home zen state, flow state at time, office, connecting, being together, brainstorming. What's your favorite show What are you binging? Oh my gosh. If if you look at my YouTube ORG history, it'd be it's it's this weird mechanical stuff. Off-road vehicles and rockets and ships and big waves. Best life hack. Think it all gets down to the joy of health really. Like if if I'm not, you know, feeling centered but sleep, exercise, diet, all of that, everything else just completely falls. Hawk radio show. Yeah. Now that I've met you in person, I I get this. No way. Can you be sure to listen to yeah what was What's your Starting in college.

Ideas and characters like that we want them to be in the limelight robot shares took a dive on the back of Netflix GPE results which obviously plummeted our investors reading too much into the connection there I think our company is somewhat And what is very exciting to go to work and be the CEO is being at a market like this you know where we think ultimately Billions of people are gonna use this Hey we've technology and the other exciting thing about this market there's so many big inventions that still have to happen it feels like we're pretty mature but inside our company we realize like there's six CARDINAL or seven CARDINAL big inventions we need to make to get to that next step would Locks ever consider more in game advertising? Yeah, there's a funny trivia note I would share to all the Roblox PERSON fans out there. There was a time. The very first ORDINAL way we monetize was advertising and then there was also a time when we had pre-roll video on Roblox PERSON . That's all gone now. It's gone Couple of reasons. We didn't want it to interfere with the user experience and also our our virtual economy has become such a powerful way to power this that we are able to take that down. In the future though, I think there's a certain type of Housing that is kids safe that is immersive that doesn't get in your way. Yeah, I think our the people on Roblox PERSON , you know, there, there to authentically connect with their friends As long as what we're doing with these brands is very clear and non deceptive, appropriate for those ages DATE . I think they'll they'll figure out the balance of how much time do we go into a store versus how much time do we go to a crazy adventure tycoon and you know, build an amusement park together. So, either way, this could be a huge new revenue I believe it's an awesomely huge revenue stream and at the same time, we've been very gentle towards it. So, as you look ahead, what do you think are the biggest challenges? Roblox will face. Plays out which we hope it does and we have people of all ages on the platform and we're around the world. I think it's maintaining that civility as we grow, as we have older people who might wanna do go to a political rally thinking ways to do that in a systemic way. That's a big challenge. It takes a lot of thought. I think thinking through the I I really like we're very technology driven company so it's fun to be running a company where we have to do these seven CARDINAL big inventions and you know what we're doing right now isn't gonna cut it so knowing that technology challenges Super ORG interesting. We do a little rapid fire section just to get this. Okay, I'll give it a try. Awesome ORG . This is like First ORDINAL question what's your morning routine Wake up. Outside of my porch do a CrossFit workout Take a shower go to work. Where are you most productive? Home or office? Both. Different types of productivity, home, zen state, flow state at time, office, connecting, being together, brainstorming. What's your favorite show right What are you binging? Oh my gosh. If if you look at my YouTube ORG history, it'd be it's it's this weird mechanical stuff. Off-road vehicles and rockets and ships and big waves. Best life hack. I think it all gets down to The joy of health really like if if I'm not, you know, feeling centered but sleep, exercise, diet, all of that, everything else just completely falls. Talk radio show. Yeah. Now that I've met you in person, I I get this. No way. Your favorite fun to listen to yeah what was Hey so my GM ORG was I would say starting in college when I would have insomnia at 2 AM TIME I would turn on talk radio and you know all those famous KGO ORG people Bill Wattenberg PERSON Italian NORP Ferro ORG all that just And to the people calling in so I after acknowledge revolution was acquired and had a year I had a little time to dabble my jam was really trying to talk about outrageous topics you know Gambling, other controversial things. It was in a small market in Santa Cruz GPE . I would typically is really hard to get people to call in. Yeah. You know, it's like call your mom. Please call. So, it's really scary if you're a No one's calling inside I I made it really controversial.

Or authentic if one of the creators on Roblox PERSON is coming up with avatars and stories and ideas and characters like that we want them to be in the limelight Roblox PERSON chairs took a dive on the back of Netflix GPE results which Obviously plummeted. Our investors reading too much into the connection there. I think our company is somewhat unique and what is very exciting to go to work and be the CEO is being in a market like this, you know, where we think ultimately, Billy PERSON and people are gonna use this Type of technology and the other exciting thing about this market Many big inventions that still have to happen. It feels like we're pretty mature but inside our company, we realize like there's six CARDINAL or seven CARDINAL big inventions we need to make to get to that next step. Would roadblocks ever consider more in game advertising? Yeah, there's a funny trivia note I would share to all the Roblox PERSON fans out there. There was a The very first ORDINAL way we monetize was advertising and then there was also a time when we had pre-roll video on roadblocks. That's all gone now. It's gone for a couple of reasons. We didn't want it to interfere with the user experience. And also our our virtual economy has become such a powerful way to power this that we are able to That down. In the future though, I think there's a certain type of advertising that is kids safe. That is immersive that doesn't get in your way. And how do you make sure that doesn't take away from the ethos of what makes Roblox PERSON great? Yeah, I think our the On Roblox, you know, they're there to authentically connect with their friends and as long as what we're doing with these brands is very clear and on deceptive, appropriate for those ages DATE . I think they'll they'll figure out the balance of how much Do we go into a store versus how much time do we go to a crazy adventure tycoon and you know build an amusement park together. So either way this could be a huge new revenue stream for you. I believe it's Awesomely huge revenue stream and at the same time, we've been very gentle towards it. So, as you look ahead, what do you think are the biggest challenges? Roblox will face? Please out which we hope it does and we have people of all ages on the platform and we're around the world I think Any that civility as we grow as we have older people who might wanna do go to a political rally thinking ways to do that in a systemic way that's a big challenge. It takes a lot of thought. I think thinking through the technology I I really like we're very technology driven company so it's fun to be running a company where We have to do these seven CARDINAL big inventions and you know what we're doing right now isn't gonna cut it so knowing that technology challenges super interesting. We do a little rapid fire section just to get this. Okay. Are you guys better Awesome ORG . First ORDINAL question what's your morning routine Wake up. Go outside on my porch do a CrossFit ORG workout Shower ORG , go to work. Where are you most productive home or office? Both. Different types of productivity, home zen state, flow state at time, office, connecting, being together, brainstorming. What's your favorite show right What are you binging? Oh my gosh. If if you look at my YouTube ORG history, it'd be it's it's this weird mechanical stuff. Off-road vehicles and rockets and ships and big waves. I think it all gets down to the joy of health really like if if I'm not, you know, feeling centered but sleep, exercise, diet, all of that, everything else just completely falls. Hawk radio show. Yeah. Now that I've met you in person, I I get this. No way. Can you To yeah what was your style like what was your I would turn on talk radio and you know all those famous KGO ORG people Bill Wattenberg PERSON retalia all that just listen to the people calling in So I after acknowledge revolution was acquired and had a year I had a little time to dabble my jam was really trying to talk about outrageous topics you know Humbling other controversial things. It was in a small market in Santa Cruz GPE . I would typically is really hard to get people to call in. Yeah. You know, it's like call your mom. Please. So, it's really.

Versus how much time do we go to a crazy adventure tycoon and you know building amusement park together so either way this could be a huge new revenue stream for you I believe it's an awesome Huge revenue stream and at the same time, we've been very gentle towards it. So, as you look ahead, what do you think are the biggest challenges? Roblox will face. Please out which we hope it does and we have people of all ages on the platform and we're around the world I think maintaining that civility as we grow as we have older people who might wanna do go to a political rally thinking ways to do that in a systemic way that's a big challenge it takes a lot of thought I think thinking through the I I really like we're very technology driven company so it's fun to be running a company where we have to do the seven CARDINAL big inventions and you know what we're doing right now isn't gonna cut it so knowing that technology challenges Are interesting. We do a little rapid fire section just to get this. Okay. Awesome ORG . First ORDINAL question what's your morning TIME routine? Wake up. Go outside on my porch do a crossfit workout Go to work. Where are you most productive home or office? Both. Different types of productivity, home zen state, flow state at time, office, connecting, being together, brainstorming. What's your favorite show right What are you binging? Oh my gosh. If if you look at my YouTube ORG history, it'd be it's it's weird mechanical stuff. Off-road vehicles and rockets and ships and big waves. Best life hack. Think it all gets down to the joy of health really. Like if if I'm not, you know, feeling centered but sleep, exercise, diet, all of that. Everything else just completely falls. Hawk radio show. Yeah. Now that I've met you in person, I I get this. No way. Can you be sure to listen to? What's your Iheartradio and you know all those famous KGO ORG people Bill Wattenberg PERSON retaliate just listen to the people calling in So I after acknowledge revolution was acquired and had a year DATE . I had a little time to dabble. My jam was really trying to talk about outrageous topics. You know, Humbling other controversial things. It was in a small market in Santa Cruz GPE . I would typically is really hard to get people to call in. You know, it's like call your mom. It's really scary if you're a DJ and no one's calling inside. I I made it really controversial. I have people come on and debate interesting topics. If you could have dinner with Steve Jobs PERSON or Walt Disney. Who would you pick? Both. I guess I would have to slightly lean Disney just because he was not just the usher of the innovation but actually was kinda part of the some of the innovation but I think Steve PERSON leaned much more on finding the people to drive that innovation. Best advice for your 20s. Don't freak out if between the age of 22 DATE and 25 CARDINAL everything is a disaster. Best advice for your 40s DATE ? Life is short It's such a valuable commodity. What you do, your friends, your time, your family is so important. So, how do you define work life integration? I don't like the word balance. I would say can I Make my roadblocks job better than anything else I would Like can it be better than retiring? Can it be better than a hobby? Can I figure out what my unique job is a CEO? Every CEO job is different. Like I like doing it. So can I figure out what my role is? You mentioned your co-found Eric Castle PERSON . Yeah. Earlier who died Of cancer. Yeah. 2013 DATE . If he was here today DATE , what do you think he would think of the roadblocks? That roadblocks has become. Wow I think he'd be It's a good question. Yeah. Like, I think he would you know, his both of his sons have worked at the company a bit. So yeah, I think he'd be very funny. He's just such a brilliant partner. Yeah And he he also set the standard for taking the long view

Hey I get this no way. You're pretty fun to listen to. Style like what was your GM ORG was I would say starting in college when I would have insomnia at 2 AM TIME I would turn on talk radio and you know all those famous KGO ORG people Bill Wattenberg PERSON all that just listen to the people calling in So I after acknowledge revolution was acquired and had a year DATE . I had a little time to dabble. My jam was really trying to talk about outrageous topics. You know, Bling GPE , other controversial things. It was in a small market in Santa Cruz GPE . I would typically is really hard to get people to call in. You know, it's like call your mom. It's really scary if you're a DJ and no one's calling inside. I I made it really controversial. I have people come on and debate interesting If you could have dinner with Steve Jobs PERSON or Walt Disney Who would you pick? Both. I guess I would have to slightly lean Disney just because he was not just the usher of the innovation but actually was kinda part of the some of the innovation but I think Steve PERSON leaned much more on finding the people to drive that innovation. Best advice for your 20s. Don't freak out if between the age of 22 DATE and 25 CARDINAL everything is a disaster. Best advice for your 40s DATE ? Life is short. It's such a valuable commodity. What you do, your friends, your time, your family is so important. So, how do you define work life integration? I don't like the word balance. I would say can I Make my roadblocks job better than anything else I would Like can it be better than retiring? Can it be better than a hobby? Can I figure out what my unique job is to CEO? Every CEO job is different. Like I like doing it. So, can I figure out what my role is? You mentioned your co-founder, Eric Castle PERSON . Yeah. Earlier who Tragically of cancer. Yeah. 2013 DATE . If he was here today DATE , what do you think he would think of the roadblocks? That roadblocks has become. Wow I think he'd be It's a good question. Yeah. Like I think he would you know, his both of his sons have worked at the company a bit. So yeah, I think he'd be very He's just such a brilliant partner. Yeah. And he he also set the standard for taking the long view on how we engineer things. A lot of the Robots NORP are still You know, his vision lives on. And it goes back to your advice for your 40s DATE . Life is short. It is. So, in 5 years DATE , will the metaverse exist? In in the form that you imagine or is it take us is it gonna Much longer like what's the time horizon? Well, it's really interesting, right? Cuz we're right in the middle of it right now. In a sense with 50 1 million CARDINAL people every day on our platform. Yeah. It's already here. And at the same time Ultimately gonna be possible could be 510 CARDINAL or 20 years DATE , out. So, it's it's all the anniversary really has existence since Online dial up muds. Really? TwoD. Very simple. Text. You can call that the Mediverse PERSON . It's existed in multiplayer gaming. World of Warcraft ORG , Exist now with more people and in 10 or 20 years DATE it'll exist photo realistically with 50 1000 CARDINAL people Have so much passion Job. Roblox your final stop on your journey. Finals but I think there's a lot of time ahead of me here. Dave Bazooki PERSON over a blocks. Thank you so much.

Controversial things. It was in a small market in Santa Cruz GPE . I would typically is really hard to get people to call in. Yeah. You know, it's like I call your mom. It's really scary if you're a DJ and no one's calling inside I I made it really controversial I have people come on and debate interesting If you could have dinner with Steve Jobs PERSON or Walt Disney Would you pick? You can't pick both. I guess I would have to slightly lean Disney just because he was not just the usher of the innovation but actually was kinda part of the some of But I think Steve PERSON leaned much more on finding the people to drive that innovation. Best advice for your 20s. Don't freak out if between the age of 22 DATE and 25 CARDINAL everything is a disaster. Best advice for your 40s DATE . Life is short It's such a valuable commodity. What you do, your friends, your time, your family is so important. So how do you define work life integration? I don't like the word balance. I would say can I Make my roadblocks job better than anything else I would Like can it be better than retiring? Can it be better than a hobby? Can I figure out what my unique job is a CEO? Every CEO job is different. Like I like doing it. So, can I figure out what my role is? You mentioned your co-found Eric Castle PERSON . Yeah. Earlier who died Of cancer. Yeah. 2013 DATE . If he was here today DATE , what do you think he would think of the roadblocks? That roadblocks has become. Wow I think he'd be It's a good question. Yeah. Like I think he would you know, his both of his sons have worked at the company a bit. So yeah, I think he'd be very excited. Here's just such a brilliant partner. Yeah And he he also set the standard for taking the long view on how we engineer things a lot of the technology at roadblocks is still You know his vision lives on. And it goes back to your advice for your 40s DATE . Life is short. It is. So in 5 years DATE will the metaverse exist? In the form that you imagine or is it take does is it Much longer like what's the time horizon? Well, it's really interesting, right? Cuz we're right in the middle of it right now. In a sense with 50 1 million CARDINAL people every day on our platform. Yeah. It's already here. And at the same time, Ultimately gonna be possible, could be 510 CARDINAL or 20 years DATE , out. So, it's it's all that the really has existence since Online dial up muds really twoD very simple text you can call that the Mediverse PERSON it's existed in multiplayer gaming world of Warcraft ORG exist the exist now with more people and in 10 or 20 years DATE Exist photo realistically with 50 1000 CARDINAL people. We have so much passion for this job Blocks your final stop on your journey. What's definitely my final stuff but I think there's a lot of time ahead of me here. Dave Bazooki PERSON , over a blocks, thank you so much.

Bird to get people to call in. So it's really scary if you're a DJ and no one's calling inside. I I made it really controversial. I have people come on and debate interesting topics. If you could have dinner with Steve Jobs PERSON or Walt Disney. Who would you pick? You can't pick both. I guess I would have to slightly lean Disney just because he was not just the usher of the innovation but actually was kinda part of the some of Motivation ORG . But I think Steve PERSON leaned much more on finding the people to drive that innovation. Best advice for your 20s. Don't freak out if between the age of 22 DATE and 25 CARDINAL everything is a disaster. Best advice for your 40s DATE . Life is short. Valuable commodity What you do, your friends, your time, your family is so important. So, how do you define work life integration? I don't like the word balance. I would say can I Make my roblox job better than anything else I would Like can it be better than retiring? Can it be better than a hobby? Can I figure out what my unique job as a CEO? Every CEO job is different. Like, I like doing it. So, can I figure out what my role is? You mentioned your co-fo Eric Castle PERSON . Yeah. Earlier who died Of cancer. Yeah. In 2013 DATE . Today DATE what do you think he would think of the roadblocks that Roblox has become? Wow I think he'd be proud It's a good question. Yeah. Like I think he would you know, his both of his sons have worked at the company a bit. So yeah, I think he'd be very He's just such a brilliant partner. Yeah. And he he also set the standard for taking the long view on how we engineer things. A lot of the Roadblocks is still My you know his vision lives on. And it goes back to your advice for your 40s DATE . Life is short. It is. So in 5 years DATE will the metaverse exist? In in the form that you imagine or is it take does is Take much longer like what's the time horizon? Well, it's really interesting, right? Cuz we're right in the middle of it right now. In a sense with 50 1 million CARDINAL people every day on our platform. Yes. It's already here. And at the same time Is ultimately gonna be possible could be 510 CARDINAL or 20 years DATE , out. So, it's it's all the anniversary really has existence since Online dial up muds really too deep very simple text you could call that the verse it existed in multiplayer gaming world of war craft exist it exist now with more people and in 10 or 20 years DATE it Exist photo realistically with 50 1000 CARDINAL people. Have so much passion for this job Roblox your final stop on your journey. Well, definitely my final stuff but I think there's a lot of time ahead of me here. Dave Bazuki PERSON overall blocks. Thank you so much.

So yeah I think he'd be very excited. Seems like you you miss him. Just such a brilliant partner Any he also set the standard for taking the long view on how we engineer things a lot of the Robots ORG is still You know, his vision lives on. And it goes back to your advice for your 40s DATE . Life is short. It is. So, in 5 years DATE , will the metaverse exist? In in the form that you imagine or is it take us is it gonna Much longer like what's the time horizon? Well, it's really interesting, right? Cuz we're right in the middle of it right now. In a sense with 50 1 million CARDINAL people every day on our platform. Yeah. It's already here. And at the same time, Is ultimately gonna be possible, could be 510 CARDINAL or 20 years DATE , out. So, it's it's all the mediverse really has existence since Online PRODUCT , dial up muds really twoD, very simple, text. You can call that the Mediverse PERSON . It's existed in multiplayer gaming, world of warcraft, Exist now with more people and in 10 or 20 years DATE it'll exist photo realistically with 50 1000 CARDINAL people you clearly have so much passion for this job Roblox your final stop on your journey. But I think there's a lot of time ahead of me here. Dave Bazooki PERSON over a blocks thank you so much. Mobility. So, we have flick to switch there and really we're going to step by step electrify everything. And what does that mean? When you think of cutting-edge technology at sea you might be thinking of stuff like this But there's an incoming revolution on the high seas that isn't quite as sexy but could be significantly more impactful. Katrina shipping is the key component of global trade about 80 or 90% PERCENT of all the world's goods are transported see at some point but there's a significant unseen cost to the modern era of global commerce. Of all the worlds is huge Three% GPE mean that sound like a lot but that's roughly comparable to the entire COtwo output of Germany GPE since reducing trade isn't a likely option what about a technological improvement to help reduce the emissions from these well stocked maritime behemoths.

Mobility. So, we have flick to switch there and really we're going to step by step electrify everything. And what does that mean? When you think of cutting-edge technology at sea you might be thinking of stuff like this. But there's an incoming revolution on the high seas that isn't quite as sexy but could be significantly more impactful. Katrina shipping is the key component of global trait about 80 CARDINAL or 90% PERCENT of all the world's goods that transported sea at some point. But there's a significant unseen cost to the modern era of global commerce. About three% of all the worlds is huge to From shipping. Sound like a lot but that's roughly comparable to the entire COtwo output of Germany GPE . Since reducing trade isn't a likely option what about a technological improvement to help reduce the emissions from these well stocked maritime behemoths? There's an old saying in finance that cash is king but when it comes to payments the data suggests that it's no longer exactly the case according to the latest world pay report cash now figures less than 20% PERCENT of in-person transactions around the world Can't even send it straight from the beginning cuz his really focused on People to use electronic forms of of pain. In fact, if you look at like the US GPE for example, you basically have been moving around two CARDINAL to three% of payments from cash and check to some form of of direct electronic. Just about every single year DATE . Text China GPE today DATE at 20 1 trillion dollars MONEY . And there's another 14 1 trillion dollars MONEY worth of cash and check left. So yes we are moving towards the society. A new technology is promised to kick these trends into a higher gear. The terminal on the till of the merchant. Depending on how old one is. One is used to that. At least then and the developed world. But in that is not everywhere but Has a phone so electronic payments can end up in a super simple way that everybody's hands and for our business that's a massive growth of opportunity MasterCard ORG is already seizing that opportunity after In 2020 DATE revenues shot past pre-pandemic levels in 2021 DATE driven by a rebound consumer spending. Ways to keep the momentum going.

Mobility so we have flick to switch there and really we're going to step by step electrify everything And what does that mean Combustion PRODUCT and you'll get electrified. When you think of cutting edge technology at sea you might be thinking of stuff like this. But there's an incoming revolution on the high seas that isn't quite as sexy but could be significantly more impactful. Katina GPE shipping is the key component of global trade about 80 or 90% PERCENT of all the world's goods are transported sea at some point but there's a significant unseen cost to the modern era of global commerce. Output of Germany GPE . Since reducing trade isn't a likely option. What about a technological improvement to help reduce the emissions from these well stocked maritime behemoths? Old saying in finance that cash is king but when it comes to payments the data suggests that's no longer exactly the case according to the latest world pay report cash now figures less than 20% PERCENT of in person transactions around the world. Came and send it straight from the beginning cuz his really focused on People to use electronic forms of of pain. In fact, if you look at like the US GPE for example, Basically have been moving around two CARDINAL to three% of payments from cash and check to some form of of direct electronic just about every single year DATE . Volume text China GPE today DATE at 20 1 trillion dollars MONEY . And there's another 14 1 trillion dollars MONEY worth of cash and check left to digitize So, yes, we are moving towards a cash flow society. Technology is promised to kick these trends into a higher gear. The terminal on the till of the merchant. Depending on how old one is. One is used to that. At least then and the developed world. That is not everywhere but every one has a phone. So, electronic payments can end up in a super simple way that everybody's hands and for our business, that's a massive growth of opportunity. MasterCard ORG is already seizing that opportunity Driven by a rebound consumer spending. See if Osach GPE and Mehra PERSON knows this boom is like your fade. And he's set on finding ways to keep the momentum going. Being successful in this kind of environment is to have a diversified portfolio. You gotta be enabled from an expensive standpoint. You gotta be very disciplined. As a financial officer, what I've gotta do is I've gotta make sure that we are investing in those resources Which are currently in demand from a customer standpoint but at the same time not losing sign of the long term. CEO Michael Mebach PERSON counts on Mayrodge ORG do more than just oversee the ballot sheet. The top line for me is Visor PERSON and confident. Conciliary yes he's quite happy pushing back and saying by his

Mobility. So, we have flick to switch there and really we're going to step by step. Electrify everything. And what does that mean? When you think of cutting edge technology at sea You might be thinking of stuff like this. But there's an incoming revolution on the high seas that isn't quite as sexy but could be significantly more impactful. From Tina shipping is the key component of global trait about 80 CARDINAL or 90% PERCENT of all the world's goods are transported see at some point but there's a significant unseen cost to the modern era of global commerce. From shipping. Certainly not sound like a lot but that's roughly comparable to the entire COtwo output of Germany GPE . Since reducing trade isn't a likely option what about a technological improvement to help reduce the emissions from these well stocked maritime behemoths? There's an old saying in finance that cash is king but when it comes to payments the data suggests that's no longer exactly the case according to the latest world pay report cash now figures less than 20% PERCENT of in-person transactions around the Hey focused on People to use electronic forms of of pain. In fact, if you look at like the US GPE for example, you basically have been moving around two CARDINAL to three% of payments from cash and check to some form of of direct electronic. Just about every single year DATE . Volume text China GPE today DATE at 20 1 trillion dollars MONEY . And there's another 14 1 trillion dollars MONEY worth of cash and check left to digitize Hey Facebook society. Technology is promised to kick these trends into a higher gear. The terminal on the till of the merchant. How depending on how old one is, one is used to that. At least then and the developed world. But it, that is not everywhere, but every one has a phone. So, electronic payments can end up in a super simple way that everybody's hands And for our business that's a massive growth of opportunity MasterCard ORG is already seizing that opportunity after In 2020 DATE revenues shot past pre-pandemic levels in 2021 DATE driven by a rebound consumer spending. See if Osach GPE and Mehra PERSON knows this boom is like it fade. And he's set on finding ways to keep the momentum going. Portfolio. Standpoint. As a finance officer, what I've gotta do is I've gotta make sure that we are investing in those resources which are currently in demand from a customer standpoint. But at the same time not losing sign of the long term. CEO Michael Mebach PERSON counts on Mayrodge ORG due more than just oversee the ballot sheet. The top line for me is Visor PERSON and confident Conciliary DATE . Over this

Since reducing trade isn't a likely option what about a technological improvement to help reduce the emissions from these well stocked maritime behemoths? There's an old saying in finance that cash is king but when it comes to payments the data suggests that's no longer exactly the case according to the latest world pay report cash now figures less than 20% PERCENT of in-person transactions around the world Payment send it straight from the beginning his his really focused on getting Want to use electronic forms of of pain. In fact, if you look at like the US GPE for example, Basically have been moving around two CARDINAL to three% of payments from cash and check to some form of of direct electronic just about every single year DATE . Volume text China GPE today DATE at 20 1 trillion dollars MONEY . And there's another 14 1 trillion dollars MONEY worth of cash and check left to digitize So yes we are moving towards a cash flow society. Technology is promised to kick these trends into a higher gear. The terminal of the merchant. Depending on how old one is. One is used to that. At least then and the developed world. That is not everywhere but every one has a phone Payments can end up in a super simple way that everybody's hands and for our business that's a massive growth of opportunity MasterCard ORG is already seizing that opportunity after In 2020 DATE revenues shot past pre-pandemic levels in 2021 DATE driven by a rebound consumer spending. See if Osach GPE and Mehra PERSON knows this boom is like your fade. And he's set on finding ways to keep the momentum going. Being successful in this kind of environment is to have a diversified portfolio. You gotta be nimble from an expense standpoint. You gotta be very disciplined. As a financial officer, what I've gotta do is I've gotta make sure that we are investing in those resources which are currently in demand from a customer standpoint. But at the same time, not losing sign CEO Michael Mebach PERSON counts on MayRuch do more than just oversee the ballot sheet. The top line for me is Visor PERSON and confident. Conciliary yes he's quite happy pushing back and saying by You know in the past it was more of a function of you know let's make sure the numbers are good let's make sure we get a great control environment let's make sure we're actually able to close the books on time let's make sure we've got all the financial elements of the business in order the job Making sure we are creating the right linkage What the purpose of the business is what the strategy of the business is Delivering on the financial returns for the company all while driving long term shareholder value. We're in the business of leading beyond the numbers. It's great that we know what the numbers are. How do we use those numbers to better drive execution of the business to accomplishment of the strategy of the company Mastercard ORG 's core business is no surprise cards. Carded products currently account for over half CARDINAL the company's revenue. The company said ambitious growth targets it as 2021 DATE investor day. Committing to expand this core and to diversify beyond it. We've been on a 6 year DATE strategy to be a multi-rail company in plain English LANGUAGE that means whichever way you pay people enable that despite the fact that card is an hour name is essentially any type of payment we have the reach so I think we're reasonably well positioned I mean you've just gotta recognize Not only where the consumers today but where they're gonna go because a lot of what we've got to do takes time to implement And is it difficult? You'll get some, you'll get it right sometimes, you'll get it wrong sometime, but hopefully you're getting it right more often than you're getting it wrong. Yeah. And you're working with through that. Forecast.

And he said on finding ways to keep the momentum going. Being successful in this kind of environment is to have a diversified portfolio. You gotta be enabled from an expensive standpoint. You gotta be very disciplined. As a financial officer, what I've gotta do is I've gotta make sure that we are investing in those resources Which are currently in demand from a customer standpoint but at the same time not losing sign of the long term. CEO Michael Mebach PERSON counts on Mayrodge ORG do more than just oversee the ballot sheet. The top line for me is Visor PERSON and confident. Conciliary. The rule of the chief financial officer is actually changed value dramatically over this 20 plus year DATE 10 year DATE that I've had. You know in the past it was more of a function of you know let's make sure the numbers are good. Let's make sure we get a great control environment. Let's make sure we're actually able to close the books on time. Let's make We've got all the financial elements of the business in order. The job of the CFO ORG in in our view in my view is a function of making sure we're creating the right linkage. What the purpose of the businesses, what the strategy of the business is, Delivering on the financial returns for the company all while driving long term shareholder family. We're in the business of leading beyond the numbers. It's great that we know what the numbers are. How do we use those numbers to better drive execution of the business to accomplishment of the strategy of the company MasterCard ORG 's core business is no surprise cards. Carded products currently account for over half CARDINAL the company's revenue. The company said ambitious growth targets it is 2021 DATE investor day. Committing to expand this core and to diversify beyond it. We've been on a 6 year DATE strategy to be a multi-rail company in plain English LANGUAGE that means whichever way you pay people enable that despite the fact that card is an hour name is essentially any type of payment we have the reach so I think we're reasonably well positioned I mean you've just gotta recognize Not only weather consumers today but where they're gonna go because a lot of what we've gotta do takes time to implement. And it's a difficult you'll get some you'll get it right sometimes you'll get it wrong sometime but hopefully you're getting it right more often than you can get wrong and you're working with through that. Forecasting preferences is complicated by an uncertain economy consumer confidence has been plunging to historic lows and recession calls are getting louder still a slowdown isn't likely to cause a crisis for Mastercard ORG and its peers. To what people often perceive I think famous as an industry it will be quite resilient in it downtown Generally speaking Even during a recession the amount that consumers spend actually does not go down it continues to grow I need to think that people are worried about more in the payments industry is kind of how does the mix of spending change? The first ORDINAL thing is that typically happens if you're going into a session Back on discretionary categories of spend they move into The non discretionary gateways are spent Pivot into food, they pivot into rent. Those kind of payments. Which are most important for them to meet. But the real still stay the same. So the real which run debit and credit are exactly the same. The technology is the same. The distribution models the same. So those those areas don't necessarily change by virtue of moving into more for debit or credit. One CARDINAL area that master card has been moving vigorously into is BtwoB ORG payments a market expected to reach 25 1 trillion dollars MONEY by the end of the decade DATE . Tremendous promise and the BWB ORG area the card business as in the the elements of the B to B space which are served by cards are doing well are they doing very well and it's in the small business space and the mid market it's in the large corporate space all of them do really well on the accounts people side I would say we're in the building And you're aware about building an open loop environment to enable payments on accounts payable rails Where is the opportunity in that space is? Different to consumer payments where there is a global standard the global standard is

Top line for me is Visor PERSON and confident. Conciliary. The rule of the chief financial officer has actually changed value dramatically over this 20 plus year DATE tenure that I've had you know in the past it was more of a function of you know let's make sure the numbers are good let's make sure we got a great control environment let's make sure we're actually able to close the books on time let's We've got all the financial elements of the business in order. The job of the CFO ORG in in our view in my view is a function of making sure we are creating the right linkage. What the purpose of the businesses, what the strategy of the business is, Delivering on the financial returns for the company all while driving long term shareholder town. We're in the business of leading beyond the numbers. It's great that we know what the numbers are. How do we use those numbers to better drive execution of the business to accomplishment of the strategy of the Mastercards NORP core business is no surprise cards carded products currently account for over half CARDINAL the company's revenue the company said ambitious growth targets it is 2021 DATE investor day DATE committing to expand this core and to diversify beyond it. Hey any type of payment we have the reach so I think we're reasonably well positioned I mean you've just gotta recognize not only where Takes time to implement And it's a difficult you'll get some you'll get it right sometimes you'll get it wrong sometime but hopefully you're getting it right more often than you can get wrong and you're working with through that. Forecasting preferences is complicated by an uncertain economy. Confidence has been plunging to historic lows and recession calls are getting louder still a slowdown isn't likely to cause a crisis for Mastercard ORG in its peers. To watch people often perceive I think famous as an industry it will be quite resilient in the downtown Generally speaking Even during a recession the amount that consumers spend actually does not go down. It continues to grow. I think the thing that people are worried about more in the payments industry is kinda how does the mix of spending change? The first ORDINAL thing is that typically happens if you're going into a recession environment is people tend to pull back on discretionary categories of spend they move into the non discretionary categories of span. Food, they're pivot into rent. Those kind of payments. Which are most important for them to meet. But the real still stay the same. So the real which run debit and credit are exactly the same the technology is the same the distribution models the same Moving into more environment. One CARDINAL area that master card has been moving vigorously into is BtwoB ORG payments a market expected to reach 25 1 trillion dollars MONEY by the end of the decade DATE we think there's tremendous promise and the BWB ORG area the card business as in the the elements of the B to B space which are By cards. Are doing well are they doing very well and it's in the small business space and the mid market it's in the large corporate space all of them do really well on the accounts payable side I would say we're in the build phase and here whereabout building and open loop environment to enable payments on accounts payable rails Where is the opportunity in that space is? Different to consumer payments where there is a global standard. The global standard is Mastercard GPE . The global standard ah card payments because that's been established. That isn't quite established yet and be And I think the more benefits we bring into the payments that are easier than just making a really complicated cross border payment I think we will find our way there and you're gonna see an explosion of creativity a lot of other companies Pursuing new opportunities takes capital Mastercard ORG has spent billions CARDINAL acquiring companies that add capacity and diversified its infrastructure. Acquisitions and partnerships have helped master card offer more value added services to their clients tap in

You're conciliary. The rule of the chief financial officer is actually changed value dramatically over this 20 plus year DATE 10 year DATE that I've had you know in the past it was more of a function of you know let's make sure the numbers are good let's make sure we got a great control environment let's make sure we're actually able to close the books on time let's We've got all the financial elements of the business in order. The job of the CFO ORG in in our view in my view is a function of making sure we are creating the right linkage What the purpose of the business is what the strategy of the business is Delivering on the financial returns for the company all while driving long term shareholder value. We're in the business of leading beyond the numbers. It's great that we know what the numbers are. How do we use those numbers to better drive execution of the business to accomplishment Strategy with the company. Mastercards core business is no surprise cards credit products currently account for over half CARDINAL the company's revenue the company said ambitious growth targets it is 2021 DATE investor day DATE committing to expand this core and to diversify beyond it. We've been on a 6 year DATE strategy to be a multi-rail company in plain English LANGUAGE that means whichever way you pay we will enable that despite the fact that card is an hour name it's essentially any type of payment we have the reach so I think we're reasonably well positioned I mean you've just gotta recognize Takes time to implement And it's a difficult you'll get some you'll get it right sometimes you'll get it wrong sometime but hopefully you're getting it right more often than you can get wrong and you're working with through that. Forecasting preferences is complicated by an uncertain economy consumer confidence has been plunging to historic lows and recession calls are getting louder still a slowdown isn't likely to cause a crisis To watch people often perceive I think famous as an industry it will be quite resilient in any downtown Generally speaking Even during a recession the amount that consumers spend actually does not go down. It continues to grow. I think the thing that people are worried about more in the payments industry is kind of how does the mix of spending change? The first ORDINAL thing that typically happens if you're going into recession environment is people tend to pull back on discretionary categories of span. They move into The non-discretionary categories are spent Food. They're pivot into rent. Those kind of payments. Which are most important for them to meet. But the real still stay the same. So the real which run debit and credit are exactly the same the technology is the same the distribution models the same So those those areas don't necessarily change by virtue of moving into more for debit or credit. One CARDINAL area that Mastercard GPE has been moving vigorously into is BtwoB ORG payments a market expected to reach 25 1 trillion dollars MONEY by the end of the decade DATE Promise PERSON and the BW area the card business as in the the elements of the B to B space which are served by cards are doing well are they doing very well and it's in the small business space and the mid market it's in the large corporate space all of them do really well on the accounts people side I would say we're in the building fees and here About building an open loop environment to enable payments on accounts payable rails. Where is the opportunity in that spaces? Different to consumer payments where there is a global standard. The global standard is MasterCard ORG . The global standard ah comp payments because that's been established That isn't quite established yet and be to be and I think the more benefits we bring into the payments that are easier than just making a really complicated cross border payment I think we'll find our way there and we're gonna see and explosion of Lot of other companies coming in and using those rails innovating on top of them. Pursuing new opportunities takes capital. Has spent billions CARDINAL acquiring companies that add capacity and diversify its infrastructure. Acquisitions and partnerships have helped master card offer more value added services to their clients tapping into a lucrative revenue stream What we call services which includes data and

Takes time to a woman Is it difficult? More often than you can you're wrong Forecasting preferences is complicated by an uncertain economy consumer confidence has been plunging to historic lows and recession calls are getting louder still a slowdown isn't likely to cause a crisis for Mastercard ORG in its peers. To watch people often perceive I think famous as an industry it will be quite resilient in downtown Generally speaking Even during a recession the amount that consumers spend actually does not go down. It continues to grow. I think the thing that people are worried about more in the payments industry is kind of how does the mix of spending change? The first ORDINAL thing that typically happens if you're going into a recession environment is people tend to pull back on discretionary gallery this man they move into the non discretionary categories of span Food PERSON , they're pivot into rent. Those kind of payments. Which are most important for them to meet. But the real still stay the same. So the real which run debit and credit are exactly the same. The technology is the same, the distribution models the same So those those areas don't necessarily change by virtue of moving into more for debit or credit in the moment. One CARDINAL area that master card has been moving vigorously into is BtwoB ORG payments. A market expected to reach 25 1 trillion dollars MONEY by the end of the decade DATE . Promise and the BW area the card business as in the the elements of the B to B space which are served by cards. Are doing well? Are they doing very well? And it's in the small business space and the mid market. It's in the large corporate space. All of them do really well. On the accounts people side, I would say we're in the build fees. And here About building an open loop environment to enable payments on accounts payable rails Where is the opportunity in that space is? Different to consumer payments where there is a global standard. The global standard is MasterCard ORG . The global standard ah card payments because that's been established. That isn't quite established yet and And I think the more benefits we bring into the payments that are easier than just making a really complicated cross border payment I think we will find our way there and we're gonna see and explosion of creativity a lot of other companies Innovating GPE on top of Pursuing new opportunities takes capital Has spent billions CARDINAL acquiring companies that add capacity and diversify its infrastructure. Acquisitions and partnerships have helped master card offer more value added services to their clients tapping into a lucrative revenue stream. What we call services which includes data insights consulting manage services loyalty and our fraud capabilities is roughly 35% PERCENT of the revenues of this company Wow. Yeah. So, it's not insignificant. So, often times people think miles to card and think card. Very important but there's a very different part of Mexico GPE as well. From a balanced sheep perspective, MasterCard ORG has maintained a healthy leverage ratio even as it's put more resources into acquisitions and taken on more debt given the company of flexibility to continue investing. We don't go in and say, well, right now, valuations are lower than they were a year ago DATE . Let's Buy something. That is that is an opportunistic approach. It doesn't work for us. For me, it always starts. What are we trying to accomplish from a strategy standpoint? What are inherent capable of these we as a company have? What are the gaps in our capabilities to meet that strategy? And then follows gaps is the best to build. Or partner. We're out there and we're trying to find a right companies together and it's gonna make sure that we have a clear view on short and long-term synergies and so forth. And then we both talked to shareholders and to investors to explain what we're doing and why we're doing it and why it's good. Shareholders have reason to appreciate MasterCard ORG 's capital allocation strategy. It's included annual DATE share buybacks insteadly increased dividends. How do you prioritize the amount of money that you put toward innovation and toward building out different businesses versus share buybacks and dividends because master card is traditionally had rob Program in rewarding shareholders. Right. First ORDINAL call of capital is towards growth of the business After we have done that it's about making sure we're being good towards the capital and returning excess cash to shareholders with a bias towards share buybacks. And then once

The college people rails Where is the opportunity in that space is Different ORG to consumer payments where there is a global standard. The global standard is MasterCard ORG . The global standard ah card payments because that's been established. That isn't quite established yet and B to B. And I think the more benefits we bring into the payments Are easier than just making a really complicated cross border payment. I think we will find our way there and we're gonna see and explosion of creativity. A lot of other companies coming in and using those rails innovating on top of them. Pursuing new opportunities takes capital. MasterCard ORG has spent billions CARDINAL acquiring companies that add capacity and diversified its infrastructure. Acquisitions and partnerships have helped mastercard offer more value added services to their clients tapping into a lucrative revenue stream. What we call services which includes data insights consulting manage services loyalty and our fraud capabilities is roughly 35% PERCENT of the revenues of this company. Wow. Yeah. So, it's not insignificant. So, often times people think miles to cart and think god. Very important but there's a very different part of massacre as well. From a balance sheep perspective, MasterCard ORG has maintained a healthy leverage ratio even as it's put more resources into acquisitions and taken on more debt given the company of flexibility to continue investing. We don't go in and say, well, right now, evaluations are lower than they were a year ago DATE . Let's Doesn't work for us. For me, it always starts. What are we trying to accomplish from a strategy standpoint What are inherent capable these we as a company have what are the gaps in our own capabilities to meet that strategy and then follow those gaps is the best to build Or partner. We're out there and we're trying to find the right companies together and it's gonna make sure that we have a clear view on short and long-term synergies and so forth. And to investors to explain what we're doing and why we're doing it and why it's good. Shareholders have reason to appreciate MasterCard ORG 's capital allocation strategy. It's included annual DATE share buybacks and steadily increased dividends. How do you prioritize the amount of money that you put toward innovation and toward building out different businesses versus share buybacks and dividends because master card is traditionally had rob Program in rewarding shareholders. Right. First ORDINAL call of capital is towards growth of the business Capital and returning excess cash to shareholders with a bias to a share buybacks. And then once you start to come to say I have dealt with my strategic priorities I either have invested my organic growth or in acquisitions then access cash we will return back Generally with a preference for buybacks over dividend Gives a small flexibility but that's been a good model for us. It's been working well and well received by the market. Coming up how the tap has taken Mastercard PERSON places that the swipe alone could not Particularly on the small ticket items. And later how master Cryptocurrencies ORG . In the crypto world we play the role ah as an on ram. This is Bloomberg PERSON . Markets are preparing to close but the day is not over yet. No. You need top analyst to bring you exclusive global insight into cross asset markets. Bitcoin. It's gonna be short term. Such a mirror joint master card is group executive in corporate treasure in 2010 DATE . Over the next decade DATE , he took on several different roles before being appointed chief financial officer in 2019 DATE . That's a very different path than the one he started out on. Hey went to school there I went undergrad there I went to the family business there it's a textile business which my grandfather started and my dad Michael PERSON took over and then my brother and I got into eh

Inquiring companies that add capacity and diversified infrastructure. Acquisitions in partnerships have help master card offer more value added services to their clients tapping into a lucrative revenue stream What we call services which includes data insights consulting manage services loyalty and our fraud capabilities is roughly 35% PERCENT of the revenues of this company. Wow. Yeah. So, it's not insignificant. So, often times people think miles to card and think card. Very important but there's a very different part of massacre as well. From a balance sheep perspective, Mastercard ORG has maintained a healthy leverage ratio even as it's put more resources into acquisitions and taken on more debt given the company of flexibility to continue investing. We don't go in and say, well, right now evaluations are lower than they were a year ago DATE . Let's go Something. That is, that is an opportunistic approach. It doesn't work for us. For me, it always starts. What are we trying to accomplish from a strategy standpoint? What are inherent capabilities we as a company have? What are the gaps in our capabilities to meet that strategy? And then follows gaps Is it best to build Or partner. And then we're out there and we're trying to find a right companies together. It's gonna make sure that we have a clear view on short and long term synergies and so forth. And then we both talk to shareholders and to investors to explain what we're doing and why we're doing it and why it's good. Shareholders have reason to appreciate Mastercard ORG 's capital allocation strategy. It's included annual DATE share buy Insteadly increased dividends. How do you prioritize the amount of money that you put toward innovation and toward building out different businesses versus share buybacks and dividends because master card is traditionally had robust program in rewarding shareholders. Right. As towards growth of the business. Done that It's about making sure we're being good stewards of capital and returning excess cash to shareholders with a bias to a share buybacks. And then once you start to come to say I have dealt with my strategic priorities I either have invested my organic growth or in acquisitions then access cash we will return back Leave with a preference for buybacks over dividend because it gives a small flexibility but that's been a good model for us. It's been working well and it's been well received by the market. Coming up how the tap has taken Mastercard PERSON places that the swipe alone could not Well it's really made a difference on has been in terms of how it's driving a shift from cash to the electronic payment particularly on the small ticket items and later how mastercard Cryptocurrencies ORG . In the crypto world we play the role as an on ram. This is Bloomberg Markets ORG are preparing to close but the day is not over yet. 45% PERCENT . Upgraded today DATE to overweight. You need top analysts to bring you exclusive global insight into cross asset markets. Hey it's gonna be short term. Such a mirror joined Mastercard PERSON as group executive in corporate treasure in 2010 DATE . Over the next decade DATE , he took on several different roles before being appointed chief financial officer in 2019 DATE . That's a very different path than the one he started out on. Hey grew up in India GPE I went to school there went undergrad there I worked with the family business there it's a textile business which my grandfather started and my dad took over and then my brother and I got into and hey what put them for three and a half years DATE then I came here for business school The moment of truth came on graduation day. Hey, dad. Got on the phone. I'm looking forward to having you back home. My brother was older than I am. Went to business school as well and went back home and worked with my dad. Got on the phone. Congratulations. What are you gonna do with your life? Yup that's what dad wants you to do. What do you wanna do? And then

In partnerships have helped MasterCard ORG offer more value added services to their clients tapping into a lucrative revenue stream. What we call services which includes data insights consulting manic services loyalty and our fraud capabilities is roughly 35% PERCENT of the revenues of this company. Wow. Yeah. So, it's not insignificant. So, often times people think mass required and think card. Very important but there's a very different part of massacre as well. From a balance sheep perspective, Mastercard ORG has maintained a healthy leverage ratio even as it's put more resources into acquisitions and taken on more debt given the company of flexibility to continue investing. We don't go in and say, well, right now, valuations are lower than they were a year ago DATE . Let's go Something. That is, that is an opportunistic approach. It doesn't work for us. For me, it always starts. What are we trying to accomplish from a strategy standpoint? What are inherent capabilities we as a company have? What are the gaps in our neuron capabilities to meet that strategy? And then photos gaps Is it best to build Or partner and then we're out there and we're trying to find the right companies together and it's gonna make sure that we have a clear view on short and long-term synergies and so forth. And to investors to explain what we're doing and why we're doing it and why it's good. Shareholders have reason to appreciate MasterCard ORG 's capital allocation strategy It's included annual DATE share buybacks and steadily increased dividends. How do you prioritize the amount of money that you put toward innovation and toward building out different businesses versus your buybacks and dividends because master card is traditionally had robust program in rewarding shareholders. Right. First ORDINAL call of capital is towards growth of the business. After we have done that, it's about making sure we're being good students And returning access cash to shareholders with a bias to a share buybacks. And then once you start to come to say I have dealt with my strategic priorities I either have invested my organic growth or in acquisitions then access cash we will return back Preference ORG for buybacks over dividend because it gives a small flexibility but that's been a good model for us. It's been working well. It's been well received by the market. Coming up how the tap has taken Mastercard PERSON places that the swipe alone could not What it's really made a difference on has been in terms of how it's driving a shift from cash to that 24 CARDINAL payment. Particularly on the small ticket items. And later how MasterCard Cryptocurrencies ORG In the crypto world we play the role as an on ram. This is Bloomberg PERSON . Markets are preparing to close but the day is not over yet. Lot of volatility right now. Upgra PERSON You need top analyst to bring you exclusive global Hey Hey portal is it gonna be short term Such a mirror joint mastercard is group executive in corporate treasure in 2010 DATE . Over the next decade DATE , he took on several different roles before being appointed chief financial officer in 2019 DATE . That's a very different path than the one he started out on. Hey grew up in India GPE hey went to school there went undergrad there I worked with the family business there it's a textile business which my grandfather started and my dad Malco GPE took over and then my brother and I got into and hey what put them for three and a half years DATE then I came here for business school The moment of truth came on graduation day. My dad got on the phone. I'm looking forward to having you back home. My brother was older than I am. He went to business school as well and went back home and worked with my dad. Got on the phone. What are you gonna do with your life? And I'm going, well, why are we having this discussion? Dad PERSON wants me to come home and work with the family business. He's like, yup, that's what dad wants you to do. What do you wanna do? Hey give him a chance I'd love to work in finance in in the UK GPE

It's about making sure we're being good stewards of capital and returning excess cash to shareholders with a bias to a share buybacks. And then once you start to come to say I have dealt with my strategic priorities I either have invested in my organic Or an acquisitions then access cash we will return back Preference ORG for buybacks over dividend because it gives a small flexibility but dad's been a good model for us. It's been working well and well received by the market. Coming up how the tap has taken Mastercard PERSON places that the swipe alone could not Particularly on the small ticket items and later how MasterCard Cryptocurrencies ORG . In the crypto world we play the role as an on ram. This is Bloomberg Markets ORG are preparing to close but the day is not over yet. Lot of volatility right now. You need top analysts to bring you exclusive global insight into cross asset markets. Bitcoin ain't paying along today DATE . It's gonna be short term. Close weekdays DATE on Bloomberg PERSON . Such a mirror joint mastercard is group executive in corporate treasure in 2010 DATE . Over the next decade DATE , he took on several different roles before being appointed chief financial officer in 2019 DATE . That's a very different path than the one he started out on. Hey grew up in India GPE I went to school there I went undergrad there I went to the family business there it's a textile business which my grandfather started and my dad Malco GPE took over and then my brother and I got into and hey what put them for three and a half years DATE then I came here for business school The moment of truth came on graduation day. My dad got on the phone I'm looking forward to having you back home. My brother was older than I am. Went to business school as well and went back home and worked with my dad. Got on the phone congratulated me and said Gon ORG na do with your life. And I'm going, well, why are we having this discussion? Dad PERSON wants me to come home and work with the family business. He's like, yup, that's what dad wants you to do. What do you wanna do? Hey give him a chance I'd love to work in finance in in the US GPE General motors where he worked for over a decade Then it was on to the energy industry it has corpo Before finding his way to Mastercard GPE . Today DATE , my dad couldn't be prouder of the fact that you know, I chose the path I did. Obviously, he misses the fact that we're not there as a family but that's just what I like, right? We all gotta grow in Blossman Groom PERSON . Accepted the beginning. It took him all 30 minutes TIME to get there. When Mara PERSON gets together with his team and the employee cafe and Mastercard PERSON 's campus It's clear that he said his element. Well, more important, more fun stuff. What's the plan for the weekend DATE ? And of course, the cafe provides a demonstration of the tap and co technology that's changed the game for payment companies. Could I just go to regular coffee with milk please? Of this. Yeah. Okay that would be 571 CARDINAL . You got it. We're gonna make this work. There we go. I think contactless is a very powerful catalyst for accelerating gastrobansion. Last 2 years DATE but we have seen in the US GPE is god penetration Annually has doubled What was the average Contributed ORG to this girl as well It's made of change. It's really made a difference. What it's really made a difference on has been in terms of how it's driving a shift from cash to electronic payment. Particularly on the small ticket items. Which is really really important. Cos at the end of the day DATE our model is as much as possible.

Three and a half years DATE then I came here for business school The moment of truth came on graduation day. My dad got on the phone. I'm looking forward to having you back home. My brother was older than I am. Went to business school as well and went back home and worked with my dad. Got on the phone. Congratulated me and said, Susan PERSON , what are you gonna do with your life? And I'm going, well, why are we having this discussion? Dad PERSON wants me to come home and look at the family business. He's like, yep, that's what dad wants you to do. What do you wanna do? And then it really got me thinking, and I said, hey, give him a chance. I'd love to work in finance in in the US GPE . Mary took the chance, even though it took him 6 months DATE to land his first ORDINAL job. At General Motors ORG , where he worked for over a decade. Then it was on to the energy industry it has Before finding his way to Mastercard GPE . Today DATE my dad couldn't be prouder of the fact that you know I chose the path I did Obviously he misses the fact that we're not there as a family but that's just part of life right we all gotta grow in Blossman GPE groom Accepted at the beginning. Campus it's clear that he said his element More fun stuff. What's the plan for the weekend DATE ? And of course the cafe provides a demonstration of the tap and go technology that's changed the game for payment companies Could I just go to regular coffee at home please? Yeah. Okay, that would be 571 CARDINAL . You got it. We're gonna leave this work. There we go. I think contactless is a very powerful catalyst for accelerating In the last 2 years DATE what we have seen in the US GPE is god penetration can go through annually has doubled What was the average 5 years DATE the pandemic was one of the reasons we take it one touch cash there's a lot of e-commerce purchases the contact list definitely contributed to this It's made of change. It's really made a difference. What it's really made a difference on has been in terms of how it's driving a shift from cash to electronic payment. Particularly on the small ticket items. Which is really really important. Cos at the end of the day DATE our model is as much about converting the dollar value of the spend as it is about the number of transactions Get over on Netflix GPE . Transaction Which we can deliver services and that's really important. Master card introduced PayPass ORG it's first ORDINAL contact list payment system in 2002 DATE but the technology took some time to gain traction I would say we first invested in this many, many, many, many years ago DATE . The adoption rate on this in the early part. Even in markets like the UK GPE , Canada GPE , Australia GPE , was fairly slow in the early part. The inflection point of when It really started to hit its right was when it was used in the transit vertical. So what we figured is let's get on the transit systems around the globe. Enable for contact list technology. That will create muscle memory for the consumer who will like the experience and transit and we'll use it elsewhere. How do you judge the revenue proposition for Mastercard with innovation like that and the adoption and the pace of it? Look, I mean, for us, we're agnostic as the weather. Somebody's using the chip technology or the contact list technology You know, using the mag stripe which was the old way of doing business. We on revenues which are quite similar across both of those. The revenue potential and upsite for us comes from the fact that now more spend is being done on card based on supreme and then was being done in the past. So, we're converting that cash over to electronic officer payment. Which is where the environmental revenue comes from. If contact list payments is the current revolution sweeping the payments industry what's the next one I think Smile ORG . Biometrics I think that's where it's gonna go and I think we've reached that point in people are sick of too many passwords people are sick of And stuff and there's also too many wallets and other ideas and stuff that is around. So why don't you just you everybody has a smile. So just play with your smile. There you go.

And I'm going well why are we having this discussion dad wants me to come home and look at the family business he's like yep that's what dad wants you to do. What do you wanna do? Hey give him a chance I'd love to work in finance in in the US GPE General motors where he worked for over a decade. Then it was on to the energy industry it has cor Before finding his way to Mastercard GPE . Today DATE , my dad couldn't be prouder of the fact that you know, I chose the path I did. Obviously, he misses the fact that we're not there as a family but that's just part of life, right? We all gotta grow in Blossman Groom PERSON . Except at the beginning. It took him all 30 minutes TIME to get there. When Mera PERSON gets together with his team and the employee cafe and Mastercards PERSON campus It's clear that these it is element. Well, more important, more fun stuff. What's the plan for the weekend DATE ? And of course the cafe provides a demonstration of the tap and go technology that's changed the game for payment companies Could i just go to regular coffee with help please Of this. Yeah. Okay that would be 571 CARDINAL . You got it. We're gonna leave this work. There we go. I think contactless is a very powerful catalyst for accelerating gastrobansion in the last 2 years DATE but we have seen in the US GPE is god penetration Annually has doubled What was the average Definitely contributed to this It's made of change. It's really made a difference. What it's really made a difference on has been in terms of how it's driving a shift from cash to electronic payment. Particularly on the small ticket items. Which is really really important. Cos at the end of the day DATE our model is as much about converting the dollar value of the spend as it is about the number of transactions we can We're on Netflix GPE . Transaction On which we can deliver services and that's really important MasterCard ORG introduced PayPal ORG it's first ORDINAL contact list payment system in 2002 DATE but the technology took some time to gain traction I would say we first invested in this many many many many years ago. The adoption rate on this in the early part. Even in markets like the UK GPE , Canada GPE , Australia GPE , was fairly slow in the early part. The inflection point of when It really started to hit it straight. Was when it was used in the transit vertical. So what we figured is let's get on the transit systems around the globe. Enable for contactless technology. That will create muscle memory for the consumer who will like the experience and transit that we're using elsewhere. How do you judge the revenue proposition for Mastercard with innovation like that and the adoption and the pace of it? Look, I mean, for us, we're agnostic as the weather. Somebody's using the chip technology or the contactless technology or you know, using the mag stripe which was the old way of doing business. We on revenues which are quite similar The revenue potential and upside for us comes from the fact that now more spend is being done on card based on payment than was being done in the past so we're converting that cash over the electronic box of payment which is where the information comes from. If contact list payments is the current revolution sweeping the payments industry what's the next one I think Smile ORG . Biometrics I think that's where it's gonna go. And I think we've reached that point of people are sick of too many passwords. People are sick of typing in stuff and there's also too many wallets and other ideas and stuff that is around. So why don't you just use everybody has a smile? So just play with your smile. There you go. How much are you investing in that? How quickly do you see that becoming the next tap and go? Yeah. So look, I I think this is gonna take a while. These things have an adoption code which typically is fairly flattened the early part and then you start to see some level of stevens. Master Next breakthrough may be born in one of its global tech hubs. The company has opened innovation centers in Australia GPE , India GPE , Europe LOC , Canada GPE , and the United States GPE . These are spaces where we draw in customers where we draw the local community. We have them in big cities where the latest technology is the players are all around us. In New York City GPE , it's in

That's what Dad wants you to do. What do you wanna do? Hey give him a chance I'd love to work in finance in in the US GPE General motors where he worked for over a decade Then it was on to the energy industry it has corpo Before finding his way to Mastercard GPE . Today DATE , my dad couldn't be prouder of the fact that you know, I chose the path I did. Obviously, he misses the fact that we're not there as a family but that's just part of life, right? We all gotta grow in Blossom and Groom PERSON . Accepted at the beginning. It took him all 30 minutes TIME to get there When Mara gets together with his team and the employee cafe and Mastercard PERSON 's campus It's clear that he said his element. Well, more important, more fun stuff. What's the plan for the weekend DATE ? And of course the cafe provides a demonstration of the tap and co technology that's changed the game for payment companies Could I just go to regular coffee with help please? Of this. Yeah. Okay that will be 571 CARDINAL . You got it. Gonna make this work. There we go. I think contactless is a very powerful catalyst for accelerating conversion in the last 2 years DATE what we have seen in the US GPE is god penetration provoke annually DATE has doubled What says what was the average the price 5 years DATE the pandemic was one of the reasons be taken want to touch cash there's a lot of e-commerce purchases the contact list definitely contributed to this It's made of change. It's really made a difference. What it's really made a difference on has been in terms of how it's driving a shift from cash to electronic payment particularly on the small ticket items. Which is really really important. Cos at the end of the day DATE our model is as much about converting the dollar value to spend as it is about the number of transactions we can We're on Network ORG . Transaction Which we can deliver services and that's really important. MasterCard ORG introduced PayPass ORG it's first ORDINAL contact list payment system in 2002 DATE but the technology took some time to gain traction I would say we post invested in this many many many many years ago the adoption rate on this in the early part even in Marcus LOC like the UK GPE Canada GPE Australia GPE was fairly slow in the early part the inflection point of when It really started to hit it straight. Was when it was used in the transit vertical. So what we figured is let's get on the transit systems around the globe. Enable for contactless technology. That will create muscle memory for the consumer who will like the experience and transit elsewhere. How do you judge the revenue proposition for Mastercard with innovation like that and the adoption and the pace of it? Look, I mean, for us, we're agnostic as the weather. Somebody's using the chip technology or the contactless technology or you know, using the max PERSON stripe which was the old way of doing business. We on revenues which are quite Across both of those. The revenue potential and upside for us comes from the fact that now more spend is being done on card based on supreme and then was being done in the past. So we're converting that cash over to electronic officer payment. Which is where the revenue comes from If contact list payments is the current revolution sweeping the payments industry what's the next one? I think You smile. Biometrics I think that's where it's gonna go. I think we've reached that point of people are sick of too many passwords. People are sick of typing in stuff and there's also too many wallets and other ideas and stuff that is around. So why don't you just you everybody has a smile so just play with your smile there you go how much you investing in that how quickly do you see that becoming the next tap and go yeah so look I I think this is gonna take a while these things have an adoption code which typically is fairly flattened the early part and then you start to see some levels deep in this Master The company has opened innovation centers in Australia GPE , India GPE , Europe LOC , Canada GPE , and the United States GPE . Spaces where we draw in customers where we draw the local community. We have them in big cities where the latest technology is the players are all around us. In New York City GPE , it's in tech alley and everybody in the tech industries around us. It's a point where people wanna

Particularly on the small ticket items. Which is really really important. Cos at the end of the day DATE our model is as much about converting the dollar value of the spend as it is about the number of transactions we can get over And even though it happens to be a $ two MONEY transaction or transaction or transaction on which we make revenue. On which we can deliver services and that's really important. MasterCard ORG introduced PayPass ORG it's first ORDINAL contact list payment system in 2002 DATE but the technology took some time to gain traction Many years ago DATE the adoption rate on this in the early part even in Marcus LOC like the UK GPE Canada GPE Australia GPE was fairly slow in the early part the inflection point of when It really started to go ahead it's right was when it was used in the transit vertical so what we figured is let's get on the transit systems around the globe enable for contactless technology that will create muscle memory for the consumer who will like the experience and transit that we're using elsewhere How do you judge the revenue proposition for Mastercard With renovation like that and the adoption and the pace of it Which was the old way of doing business. We on revenues which are quite similar across both of those. The revenue potential and upsite for us comes from If contact list payments is the current revolution sweeping the payments industry what's the next one? I think Hey with your smile. So biometrics I think that's where it's gonna go. I think we've reached that point of people are sick of too many passwords. People are sick of typing in stuff and there's also too many wallets and other ideas and stuff that is around. So why don't you just use everybody has a smile so just play with your smile there you go how much are you investing in that how quickly do you see that becoming the next tap and go yeah so look I I think this is gonna take a while these things haven't adoption go which typically is fairly flattened the early part and then you start to see some level of steeping Mastercard PERSON 's next breakthrough may The company has opened innovation centers in Australia GPE , India GPE , Europe LOC , Canada GPE , and United States GPE . These are Spaces ORG where we draw in customers where we draw the local community. We have a big cities where the latest technology is the players are all around us. In New York City GPE , it's in tech alley and everybody in the tech industries around us. It's a point where people wanna work and be at Best talent and we go and this brings us back to the CFO ORG . We go and look at our vitality index. So, how are the revenues looking? What is generated from new products? What do we see? Is there real momentum? Is there real growth? And if you overlay that and link that back to our tech hubs in these regions where we have them clearly that is what driving what is driving our new solutions for an investment standpoint we try and make sure we've got our foot in the door and all of these new and emerging technologies cuz what we don't wanna do is play favourites with one CARDINAL versus the other we We wanna be at the inflection point for them to write on. In your Can you act like bond James Bond PERSON what are the queue movies and like the laboratories you walk in and they you know you sort of face off and clear the system and they serve to this Who can do that? No that's not me. Coming up how MasterCard ORG has embraced the brave new world of cryptocurrency with all its ups and downs. Principles we think we're in really good And such an mirror tells me what advice he'd offer a CFO ORG just starting out in the job. I think it's important to stay calm. It's a board to recognize that change is going to happen. You can't fight change. This is bloomberg. Imagine simply climbing a cable into space. The concept is known as the space elevator

And there's also too many wallets and other ideas and stuff that is around. So why don't you just you everybody has a smile. So just play with your smile. There you go. How much are you investing in that? How quickly do you see that becoming the next tap and go? Yeah. So look I think this is gonna take a while. These things have an adoption code which typically is fairly flattened the only part and then you start to see some levels deep in this. Master The company has opened innovation centers in Australia GPE , India GPE , Europe LOC , Canada GPE , and the United States GPE . These are spaces where we draw in customers where we draw the local community. We have them in big cities where the latest technology is the players are all around us. In New York City GPE , it's in tech alley and everybody in the tech industry is around us. It's a point where people wanna work and be attract And we go and this brings us back to the CFO ORG . We go and look at our vitality index. So, how are the revenues looking? What is generated from new products? What do we see? Is there real momentum? Is there real growth? And if you overlay that and link that back to our tech hubs in these regions where we have them clearly that is what driving what is driving our new solutions. Form an investment standpoint. We try and make sure we've got our foot on the door and all of these new and emerging technologies. Cuz what we don't do is play favorites with one CARDINAL versus the other. Make sure we're investing just appropriate amounts of money to have skin in the game to know that if this thing has got legs to it we wanna be at the inflection point for them to ride out In your tech hubs can you act like bond James Bond PERSON what are the queue movies and like the laboratories you walk in and they you know you sort of face off and clear the system and they drove to this And I'm not I'm not one of them. No, that's not me. Coming up how mastercard has embraced the brave new world of cryptocurrency with all its ups and downs. We think we're in really good And such an Mara tells me what advice he'd offer a CFO ORG just starting out in the job. To stay calm. It's a border to recognize that change is going to happen. You can't fight change. This is blooper Imagine ORG simply climbing a cable into space. The concept is known as the space elevator Not only could it significantly change how we leave planet earth But it could also completely transform humanities relationship with space. And there are scientists who think we could have already built it We have the material. We have the technology. We have the lasers. We have the climbers. We have all of them Hey private entity wants to build it Or a government They can build it. It'll change society. We have no clue how Over the next 50 to 200 years DATE . It'll be completely different. Bloomberg PERSON has enhanced search on the terminal to deliver what you need when you need it now Everyday English LANGUAGE in the command line. Compare financials Find people analyze Marcus You can enter phrases Or ask questions What do you want to know today DATE ? Ask a question or visit search go to find answers now. Are we in some sort of calculation fears moment people are talking about that all day DATE yesterday Like many of its counterparts and the payments and financial services industry Artist developed products in partnerships that bring cryptocurrencies into its networks. From the payments and payment system perspective the the Players and and and members that make up.

Spaces where we draw in customers where we draw the local community. We have them in big cities where the latest technology is the players are all around us. In New York City GPE , it's in tech alley and everybody in the tech industries around us. It's a point where people wanna work and be attract the best talent and we go and this brings us So how are the revenues looking what is generated from new products what do we see is there real momentum is there real growth And if you overlay that and link that back to our tech hubs in these regions where we have them clearly that is what driving what is driving our new solutions for an investment standpoint we try and make sure we've got our foot in the door and all of these new and emerging technologies cuz what we don't wanna do is play favorites with one CARDINAL versus the other we In your tech Can you act like bond James Bond PERSON what are the queue movies and like the laboratories you walk in and they you know you sort of face off and clear the system and they prove to this Who can do that? I'm not one of them. No, you? No, that's not me. Coming up how mastercard has embraced the brave new world of cryptocurrency with all its ups and downs. We think we're in really good And such an mirror tells me what advice he'd offer a CFO ORG just starting out in the job. I think it's important to stay calm. It's a board to recognize that change is going to happen. You can't fight change. This is bloomer. Imagine simply climbing a cable into space. The concept is known as the space elevator. Not only could it significantly change how we leave planet earth But it could also completely transform humanities relationship with space. And there are scientists who think we could have already built it We have the material. We have the technology. We have the lasers. We have the climbers. We have all of them. Private entity wants to build it. Or a government Colonizing in the space how really spreading on his face oh really change our society over the next 50 to 200 years DATE It'll be completely different. Bloomberg PERSON has enhanced search on the terminal to deliver what you need when you need it now you can simply type phrases in everyday English LANGUAGE in the command line Compare financials. Ask questions What do you want to know today DATE ? Ask a question or visit search go to find answers now. Let's just be honest we've had sort of a shift in are we in some sort of sipulation fears moment people are talking about that all day DATE yesterday Like many of its counterparts and the payments and financial services industry MasterCard ORG has developed products and partnerships that bring cryptocurrencies into its networks. Payments and payment system perspective. The the Players and and members that make up that ecosystem are really agnostic. To them, crypto is just another current literally. Just another asset. At this point, It's better to invest Lean GPE in and a partner with some of these companies For future revenue growth made versus kind of sitting on the sidelines. Crypto ORG is a term that encompasses a number of different projects including

All around us. In New York City GPE , it's in tech alley and everybody in the tech industry is around us. It's a point where people wanna work and be attract the best talent and we go and this brings us back to the CFO ORG . We go and look at our vitality index. So, how are the Our revenue is looking what is generated from new products. What do we see? Is there real momentum? Is there a real growth? And if you overlay that and link that back to our tech hubs in these regions where we have them clearly that is what driving what is driving our new solutions for an investment standpoint we try and make sure we've got our foot on the door and all of these new and emerging technologies cuz what we don't wanna do is play favourites with one CARDINAL versus the other we Make sure we're investing just appropriate amounts of money to have skin in the game to know that if this thing has got legs to it we wanna be at the inflection point for them to write on Cubs ORG can you act like bond James Bond PERSON he wanted the queue movies and like the laboratories we walk in and they you know you sort of face off and clear the system and they serve to this Who can do that? No that's not me. Coming up how Mastercard ORG has embraced the brave new world of cryptocurrency with all its ups and downs. We think we're in really good And such an mirror tells me what advice he offers CFO ORG just starting out in the job. I think it's important to stay calm. I think it's important to recognize that change is going to happen. You can't fight change. This is bloombird. Imagine symphony climbing a cable into space. The concept is known as the space elevator. Not only could it significantly change how we leave planet earth But it could also completely transform humanities relationship with space. And there are scientists who think we could have already built it. We have the material. We have the technology. We have the lasers. We have the climbers. We have all of it. If a private entity wants to build it Or a government. Colonizing in the space how really spreading on the space will really change our society over the next 50 DATE to It'll be completely different. Bloomberg PERSON has enhanced search on the terminal to deliver what you need when you need it. Now, you can simply type phrases in everyday English LANGUAGE in the command line. Compare financials You can enter phrases Ask questions. What do you want to know today DATE ? Ask a question or visit search go to find answers now. Narrative. Let's just be honest. We've had sort of a shift in are we in some sort of calculation, fears, moment, people are talking about that all day DATE yesterday DATE . Like many of its counterparts and the payments and financial services industry Artist developed products and partnerships that bring cryptocurrencies into its networks. From the payments and payment system perspective the the Players and and members that make up that ecosystem are really agnostic. To them, crypto is just another current literally. Just another asset. The overall revenue contribution is still so small. It's very early but if if I'm a hard company, it's better to invest Partner with some of these companies. For future revenue growth rate versus kind of sitting on the sidelines. Crypto ORG is a term that encompasses a number of different projects including central bank digital currencies and private sector stable coins also it did digital

Imagine simply climbing a cable into space. The concept is known as the space elevator. Not only could it significantly change how we leave planet earth But it could also completely transform humanities relationship with space. And there are scientists who think we could have already built it We have the material. We have the technology. We have the lasers. We have the climbers. We have all of them Hey He wants to build it. We have no clue how Really change our society over the next 50 to 200 years DATE . It'll be completely different. Bloomberg PERSON has enhanced search on the terminal to deliver what you need when you need it now Everyday English LANGUAGE in the command line. Compare financials Find people. You can enter phrases Or ask questions What do you want to know today DATE ? Ask a question or visit search go to find answers now. Are we in some sort of calculation, fears, moment, people are talking about that all day DATE yesterday DATE . Like many of its counterparts and the payments and financial services industry Artist developed products in partnerships that bring cryptocurrencies into its networks. From the payments and payment system perspective the the Players and and members that make up that ecosystem are really agnostic. To them, crypto is just another currency literally. Just another asset. Point Contribution ORG is still so small. Very early Hey partner with some of these companies for future revenue growth made versus kind of sitting on the sidelines Crypto ORG is a term that encompasses a number of different projects including central bank digital currencies and private sector stable coins. Also, digital assets like Bitcoin ORG . He's voluntal valuations is acceptability to fraud. Have raised plenty of anxiety among investors. Mastercard ORG 's long-term plans to stay in the space. Haven't wavered. Do we like to fundamental technology in the promise that it brings to solve problems that have not been solved so if we see more revenue coming out of B to B solutions that leverage blockchain technology for example. Tokenize the bank deposits. You know, just to throw out one CARDINAL example. Across border payments, whatever it might be. In the crypto wall, we play the role as an on ramp. So, people use MasterCard ORG card products to buy crypto. Our debit included products. So, that's the on-gramp If people wanna spend money as in fear currency to buy crypto and react as the off ramp and the offer amp is when people wanna cash it We help them actually gain access to be able to use their crypto balances everywhere masterclass accepted. We engage with central banks on central bank digital currencies. We engage with governments on how He could look like how regulation could like look like We engage with the startup community and say come on in let's sit around the table in one CARDINAL of our tech hubs and we discuss what What solution actually is needed by whom and how we can bring it together. They have the greatest idea but the greatest idea, it's a path to scale. That's what we can bring. Is there a potential liability because of volatility because of how Coin ORG and certain other cryptocurrencies have been painted. Is there any liability for Mastercard GPE ? Yeah. Well, too long as we follow our principles, we think we're in really good shape. And the principles we care deeply about our Stability as instability of the currency in question Point number

Payment system perspective the the the Crypto ORG is just another current literally just another asset. At this point, Overall gravity conservationist still so small it's very early If I am a hard company it's better to invest and lean in any partner with some of these companies For future revenue growth rate versus kind of sitting on the sidelines. Crypto ORG is a term that encompasses a number of different projects including central bank digital currencies and private sector stable coins. Also, digital assets like Bitcoin ORG . He's voluntal valuations is acceptability to fraud. Have raised plenty of anxiety among investors. Long term plans to stay in the space haven't wavered. We're not really in the crypto hype of investment investing around do we like the fundamental technology in the promise that it brings to source problems that have not been solved so if we see more revenue coming out of Be to be solutions that leverage blockchain technology for example tokenize bank deposits you know just to throw out one CARDINAL example across border payments whatever it might be in the crypto world we play the role as an on ram so people use MasterCard ORG called products to buy crypto Products so that's the on gram if people wanna spend money as in fear currency to buy crypto and react as the off ramp and the offer amp is when people wanna encash it We help them actually gain access to be able to use their crypto balances everywhere master cuts accepted. We engage with central banks on central bank digital currencies. We engage with governments on how a policy could look like, how regulation could like, look like, Engage with the startup community and say come on in let's sit around the table in one CARDINAL of our tech hubs and we discuss What solution actually is needed by whom and how we can bring it together. They have the greatest idea but the greatest idea, it's a path to scale. That's what we can bring. Is there a potential liability because of the volatility because of how And certain other cryptocurrencies have been painted. Is there any liability for Mastercard GPE ? Yeah. Well, too long as we follow our principles, we think we're in really good shape. And the principles we care deeply about our Stability as instability of the currency in question Point number two CARDINAL it must meet consumer protection requirements Me the laws of the land. And this is not new news to us. We've done this in the space for the last 50 years DATE . For everything we've been working with regulated financial institutions on. And so which is why when we got into the space the first thing we did was define principles. And we will keep abiding by those principles and what we do. Yeah I feel happy because we're in the discussion We're shaping that ecosystem And then 1 day it look like we'll be having it done in many other spaces over years of the past years DATE . Is a leader within a company that has the power and reach to shape ecosystems and he'll be making strategic and financial decisions that shape the business. I wanted to know what he sees when he looks ahead. What's the opportunity for MasterCard ORG in the next 10 years DATE that most excites you There still remains a very sizable consumer payments opportunity which we stand very well poised to actually capitalize on. This is the trend of the shift from cash to electronic forms of payment. If you think about it globally, there's still a ton QUANTITY of cash. Which remains to be electron And that that opportunity is huge The second ORDINAL pillar for me is around We have identified over the past few years DATE a sizable total addressable market in what we call new payment flows. Bucket PERSON number three CARDINAL is around services. It goes back to our Insights Analytics PERSON are broad management capabilities and everything we're doing in that space and then the last piece around you networks which is around open banking and digital light entity. What are some of the challenges for Mastercard ORG over the next 10 years DATE that keep you open night TIME ? Plugged in on what's going on from a technology innovation standpoint and making sure we're leading from the front not turning our back to it and saying we're gonna walk in the other direction. We've got to engage with people who could potentially be disintermediators competitors to let them know what value we can bring

For future revenue growth made versus kind of sitting on the sidelines. Crypto ORG is a term that encompasses a number of different projects including central bank digital currencies and private sector stable coins. Also, digital assets like bitcoin. He's voluntal valuations is acceptability to fraud. Have raised plenty of anxiety among investors. Cars long term plans to stay in the space haven't wavered. We're not really in the crypto hype of investing and investing around her do we like the fundamental technology in the promise that it brings to Saul's problems that have not been solved so if we see more revenue coming out of Solutions that leverage blockchain technology for example. Tokenized bank deposits. You know, just to throw out one CARDINAL example. Across border payments, whatever it might be. In the crypto wall, we play the role as an on ram. So, people use MasterCard ORG called products to buy crypto. Our debit included products. So, that's the on ramp. If Wanna PERSON spend money as in fear currency to buy crypto and react as the off ramp and the offer amp is when people wanna cash it We help them actually gain access to be able to use their crypto balances everywhere masterclass accepted. We engage with central banks on central bank digital currencies. We engage with governments on how a policy could look like, how regulation could like, look like, Engage with the startup community and say come on in let's sit around the table Hubs PERSON and we discuss What solution actually is needed by whom and how we can bring it together. They have the greatest idea but the greatest idea, it's a path to scale. That's what we can bring. Is there a potential liability because of the volatility because of how And certain other cryptocurrencies have been painted. Is there any liability for Mastercard GPE ? Yeah. Well, too long as we follow our principles, we think we're in really good shape. And the principles we care deeply about our Stability as instability of the currency in question. Point number two CARDINAL it must meet consumer protection requirements. It must meet the laws of the land. And this is not new news to us. We've done this in the space for the last 50 years DATE . For everything we've been working with regulated financial institutions on. And so which is why when we got into the space the first thing Was to find principles and we will keep abiding by the principles and what we do. Happy because we're in the discussion We're shaping the ecosystem And then 1 day it look like what we have done in many other spaces over years of of the past years DATE . Mirror ORG is a leader within a company that has the power and reach to shape ecosystems and he'll be making strategic and financial decisions that shape the business. I wanted to know what he sees when he looks ahead. Most excites There's still remains a very sizable consumer payments opportunity which we stand very well poised to actually capitalize on. This is the trend of the shift from cash to electronic phones or payment. If you think about it globally, there's still a ton QUANTITY of cash. Which remains to be electron And that that opportunity is huge The second ORDINAL pillar for me is around we have identified over the past few years DATE a sizable total addressable market in what we call new payment flows bucket number three CARDINAL is around services it goes back to our insights and analytics are broad management capabilities And everything we're doing that space and then the last piece around you that works which is around open banking and digital light entity. What are some of the challenges for Mastercard ORG over the next 10 years DATE that keep you up at night TIME ? Plugged in on what's going on from a technology and innovation standpoint and making sure we're leading from the front not turning our back to it and saying we're gonna walk in the other direction We've got to engage with people who could potentially be Mediators competitors to let them know what value we can bring while they're executing on their strategy. So, that's number one CARDINAL . Number two CARDINAL is Look I mean the world is getting More into a regulatory environment where regulation regulators are playing a bigger role. Nationalism is playing a bigger role. It's important for us to continue do everything we're doing by being local. It's important to be a global company but be deemed local and that's gonna be important for us to execute on because at the end of the day DATE , sitting in my role is the CFO ORG . Strategy is great versions fantastic but what really matters is can you really deliver and execute and we've gotta stay focused on it.

Crypto ORG is a term that encompasses a number of different projects including central bank digital currencies and private sector stable coins. Also, digital assets like bitcoin. He's volatile valuations is acceptability to fraud. Have raised plenty of anxiety among investors. Cars long term plans to stay in the space haven't wavered. We're not really in the crypto hype of investing investing around her do we like the fundamental technology in the promise that it brings to solve problems that have not been solved so if we see more revenue coming out of B to B solutions that leverage blockchain technology for example. Tokenize the bank deposits. You know, just to throw out one CARDINAL example. Across border payments, whatever it might be. In the crypto world we play the role as an on ram so people use MasterCard ORG called products to buy crypto or debit and credit products so that's the on ramp if people wanna spend money as in fear currency to buy crypto and react as the off ramp and the offer amp is when people wanna in cash should We help them actually gain access to be able to use their crypto balances everywhere masterclass accepted. We engage with central banks on central bank digital currencies we engage with governments on how a palsy could look like how regulation could like look like Engage with the startup community and say come on in let's sit around the table And we discuss What solution actually is needed by whom and how we can bring it together. They have the greatest idea but the greatest idea, it's a path to scale. That's what we can bring. Is there a potential liability because of volatility because of how And certain other cryptocurrencies have been painted. Is there any liability for Mastercard GPE ? Yeah. Well, too long as we follow our principles, we think we're in really good shape. And the principles we care deeply about our Stability as instability of the currency in question Point number two CARDINAL it must meet consumer protection requirements Me the laws of the land. And this is not new news to us. We've done this in the space for the last 50 years DATE . For everything we've been working with regulated financial institutions on. And so which is why when we got into the space the first thing we did was to find principles. And we will keep abiding by the principles and what we do. Yeah I feel happy because we're in the discussion We're shaping that ecosystem And then 1 day it'll look like we'll be having it done in Many other spaces over years over the past years DATE Search and mirror is a leader within a company that has the power and reach to shape ecosystems and he'll be making strategic and financial decisions that shape the business. I wanted to know what he sees when he looks What's the opportunity for MasterCard ORG in the next 10 years DATE but most excites you? Are very sizable consumer payments opportunity Which we stand very well poised to actually capitalize on. This is the trend of the shift from cash to electronic functional payment. If you think about it globally, there's still a ton QUANTITY of cash. Which remains to be left on a fine. And that that opportunity is huge The second ORDINAL pillar for me is around We have identified over the past few years DATE a sizable total addressable market in what we call new payment flows bucket number three CARDINAL is around services it goes back to our Insights PERSON analytics are broad management capabilities and everything we're doing that space and then the last piece around new networks which is around open banking and digital light entity. What are some of the challenges for mastercard over the next 10 years DATE that keep you open night TIME ? On what's going on from a technology innovation standpoint and making sure we're leading from the front not turning our back to it and saying we're gonna walk in the other direction We've got to engage with people who could potentially be Disintermediators competitors to let them know what value we can bring while they're executing on their strategy. So, that's number one CARDINAL . Number two CARDINAL is I mean the world is getting More into a regulatory environment where regulation regulators are playing a bigger role. Nationalism is playing a bigger role. It's important for us to continue do everything we're doing by being local. It's important to be a global company but be deemed local and that's gonna be important for us to execute on because at the end of the day DATE , sitting in my role is the CFO ORG . Strategy is great versions fantastic but what really matters is can you really deliver and execute and we've gotta stay focused on execution and that's what we do everyday what's the biggest change that you see your role having over the next 10 DATE

Principles we think we're in really good shape and the principles we care deeply about our Stability as instability of the currency in question Point number two CARDINAL it must meet consumer protection requirements It must be the laws of the land. And this is not new news to us. We've done this in the space for the last 50 years DATE . For everything we've been working with regulated financial institutions on. And so which is why when we got into the space the first thing we did was to find principles and we will keep abiding by those principles and what we do. Yeah I feel happy because we're in the discussion We're shaping that ecosystem And then 1 day it'll look like we'll be having done in many other spaces over years over the past years DATE . Is a leader with an accompany that has the power and reach to shape ecosystems and he'll be making strategic and financial decisions that shape the business. I wanted to know what he sees when he looks ahead. What's the opportunity for Mastercard in the next 10 years DATE but most excites There still remains a very sizable consumer payments opportunity which we stand very well poised to actually capitalize on. This is the trend of the shift from cash to electronic funds or payment. If you think about it globally, there's still a ton QUANTITY of cash. Which remains to be electron And that that opportunity is huge The second ORDINAL pillar for me is around Identified ORG over the past few years DATE a sizable total addressable market in what we call new payment flows bucket number three CARDINAL is around services it goes back to our Insights Analytics PERSON are broad management capabilities and everything we're doing that space and then the last piece around you networks which is around open banking and digital light entity. What are some of the challenges for Mastercard ORG over the next 10 years DATE that keep you open night TIME ? Technology innovation standpoint and making sure we're leading from the front not turning our back to it and saying we're gonna walk in the other direction. We've got to engage with people who could potentially be Mediators competitors to let them know what value we can bring while they're executing on their strategy. So, that's number one CARDINAL . Number two CARDINAL is Look I'm in the world is getting More and more into a regulatory environment where regulation regulators are playing a bigger rule. Nationalism is playing a bigger role. It's important for us to continue do everything we're doing by being named local. It's important to be a global company but be deemed local and that's gonna be important for us to execute on. At the end of the day DATE , sitting in my role is the CFO ORG . Strategy is great versions fantastic but what really matters is can you really deliver and execute and we've gotta stay focused on execution and that's what we do everyday. What's the biggest change that you see your role having over the next 10 years DATE ? Honestly I'm not really in the business of predicting that much as it relates to how it's gonna change what I can see happening is greater emphasis on making sure We're leading from the front on executing but also failing fast and that's where a CFO ORG can play a big role And by that I mean You're not always gonna win. There are things you're gonna do. Hopefully you get more right than wrong. But recognizing things which are not working out. And making sure you actually feel fast on them. And get out of them. Because you can get you can fall in love with stuff. Keep doing it. Keep wasting resources don't really realize that it's not gonna pay off and I think the imposes around that is gonna only increase for that Resource ORG environment. What advice would you give a CFO ORG today DATE ? Hey I think it's important to stay calm I think it it's important to recognize that change is going to happen you can't fight change What really matters is how you can get up and actually deal with that change. That's super important for a CFO ORG . Being really clear and crisp in your communications. The outside world wants to hear in very simple terms. What exactly this company stands for and why they should believe that you are a good investment. I noticed I've said nothing about financials and I said nothing about necessarily financial infrastructure and systems because I do believe as a CFO ORG . Those things are table sticks so you gotta make sure that stuff happens. You gotta level technology. You gotta drive efficiency in the business. You gotta get the numbers right. You gotta have a good control in the moment. But what's gonna call you apart is the is the other elements which I spoke If MasterCard ORG can meet ambitious goals for growth in its poor business And build on straight

We're gonna walk in the other direction We've got to engage with people who could potentially be Mediators competitors to let them know what value we can bring while they're executing on their strategy. So, that's number one CARDINAL . Number two CARDINAL is Look I mean the world is getting More into a regulatory environment where regulation regulators are playing a bigger role. Nationalism is playing a bigger role. It's important for us to continue do everything we're doing by being gamed local. It's important to be a global company but be deemed local and that's gonna be important for us to execute on because at the end of the day DATE , sitting in my role is this year four DATE . Strategy is great versions fantastic but what really matters is can you really deliver and execute and we've gotta stay focused on execution and that's what we do every day what's the biggest change that you see your role having over the next 10 years DATE ? That's really good question. Predicting that much as it relates to how it's gonna change what I can see happening is greater emphasis on making sure Leading from the front on executing but also failing fast and that's where a CFO ORG can play a big role And by that I mean You're not always gonna win. There are things you're gonna do Hopefully you get more right than wrong but recognizing things which are not And making sure you actually feel fast on them and get out of them because you can get you can fall in love with stuff Keep doing it. Keep wasting resources. Don't really realize that it's not gonna pay off. And I think the emphasis around that is gonna only increase for that. What advice would you give a CFO ORG today DATE ? Hey I think it's important to stay calm. I think it it's important to recognize that change is going to happen. You can't fight change. What really matters is how you can get up and actually deal with that change. That's super important for a CFO ORG . Being really clear and crisp in your communications. The outside world wants to hear in very simple terms. What exactly this company stands for and why they should believe that you are a good investment. I noticed I've said nothing about financials and I've said nothing about necessarily financial infrastructure and systems because I do believe as a CFO ORG . Those things are able to stick so you've gotta make sure that stuff happens. You gotta level technology. You gotta drive efficiency in the business. You gotta get the numbers right. You gotta have a good control in the moment. But what's gonna call you apart is the is the other elements which I spoke If MasterCard ORG can meet ambitious goals for growth in its poor business Build on strategies that are taking payments to the next level such in merrow will deserve a lot of the credit. I'm Lisa Obramoid's PERSON this is Bloomberg PERSON . What do formula one CARDINAL cars and your local supermarket have in common? Well, strange as it sounds, they might both be using the same technology. A lot of innovation has trickled down from the world of high-tech engines and it hasn't just found a new life in Cars LOC . Engineers from Williams PERSON are using their knowledge from nine CARDINAL constructors championships working with company air foil to help reduce the energy consumption of supermarkets. The device they're building is based on the design of an F one PRODUCT cars rear wing. It Supermarket energy consumption by 25% PERCENT one innovation from F one PRODUCT is also helping hybrids reduce their carpet footprint That's curse or the kinetic energy recovery system in common parliaments it's known as regenerative breaking and works by storing energy of the car to celebrating in a battery for later use Engine ORG exhaust that could allow cars to generate the same power using 30% PERCENT less fuel. Everyday against climate change.

At the end of the day DATE sitting in my rollers this year DATE four CARDINAL Strategy is great versions fantastic but what really matters is can you really deliver and execute and we've gotta stay focused on execution and that's what we do everyday. What's the biggest change that you see your role having over the next 10 years DATE ? Honestly I'm not A business of predicting that much as it relates to how it's gonna change what I can see happening is greater emphasis on making sure We're leading from the front on executing but also feeling fast and that's where a CFO ORG can play a big And by that I mean You're not always gonna win. There are things you're gonna do. Hopefully you get more right than wrong. But recognizing things which are not working out. And making sure you actually feel fast on them and get out of them. Because you can get you can fall in love with stuff. Keep doing it. Keep wasting resources. Don't really realize that it's not gonna pay off. And I think the inputs is around that is gonna only increase for that. Resource environment. What advice would you give a CFO ORG today DATE ? Hey I think it's important to stay calm I think it's a border to recognize that change is going to happen. You can't fight change. What really matters is how you can get up and actually deal with that change. That's super important for our CFO ORG . Being really clear and crisp in your communications. The outside world wants to hear in very simple terms. What exactly this company stands for and why they should believe that you are a good investment. And notice I've said nothing about financials and I've said nothing about necessarily financial infrastructure and systems because I do believe as a CFO ORG . Those things are table sticks. You gotta make sure that stuff happens. You gotta level technology. You gotta drive efficiency in the business. You gotta get the numbers right. You gotta have a good control in the moment. But what's gonna call you apart is the is the other elements which I spoke If Mastercard GPE can meet ambitious goals for growth in its core business Strategies ORG that are taking payments to the next level such in merrow will deserve a lot of the credit. This is Bloomberg PERSON . What do formula one CARDINAL cars and your local supermarket have in common? Well, strange as it sounds, they might both be using the same technology. A lot of innovation has trickled down from the world of high-tech engines and it hasn't just found a new life in road Technology in them is also helping to cool down our produce aisles engineers from Williams PERSON are using their knowledge from nine CARDINAL constructors championships working with company air foil to help reduce the energy consumption of supermarkets the device they're building is based on the design of an F one PRODUCT They estimate they can reduce supermarket energy consumption by 25% PERCENT . One CARDINAL innovation from F one PRODUCT is also helping hybrids reduce their carpet footprint. That's curse or the kinetic energy recovery system. In common parliaments, if known as regenerative breaking Works ORG by storing energy of the car to celebrating in the battery for later use. That's not enough. System looking to harness the heat produce from breaking and the engine exhaust that could allow cars to generate the same power using 30% PERCENT less fuel. Climate change. We make it very transparent to the shopper before they accept an order. What's the order is gonna look like? How much we're gonna pay them and how much like the consumer is paying them? And so they can decide whether they take an order or was else it refuse it. And that's the kind of flexibility that workshop is Value ORG is a kind of transparency that they want. Are you seeing a labor shortage right now? And what are you doing to to combat that? It's different in different places. All demographic of shoppers Food delivery and right here.

But what really matters is can you really live over and execute? And we've gotta stay focused on execution. And that's what we do every day. What's the biggest change that you see your role having over the next 10 years DATE ? That's really good question. Honestly, I'm not The business of predicting that much as it relates to how it's gonna change what I can see happening is greater emphasis on Sure Leading ORG from the front on executing but also failing fast and that's where a CFO ORG can play a big role And by that I mean You're not always gonna win. There are things you're gonna do Hopefully you get more right than wrong but recognizing things which are not working out And making sure you actually feel fast on them and get out of them because you can get you can fall in love with stuff Keep doing it. Keep wasting resources. Don't really realize that it's not gonna pay off. And I think the emphasis around that is gonna only increase for that. Capital resource environment. What advice would you give a CFO ORG today DATE ? I I think it's important to stay calm. I think it it's important to recognize that change is going to happen. You can't fight change. What really matters is how you can get up and actually deal with that change. That's super important. Being really clear and crisp in your communications. The outside world wants to hear in very simple terms. What exactly this company stands for and why they should believe that you are a good investment. And notice I've said nothing about financials and I've said nothing about necessarily financial infrastructure and systems because I do believe as a CFO ORG . Those things are table sticks. You gotta make sure that stuff happens. You gotta leverage technology. You gotta drive efficiency in the business. You gotta get the numbers right. You gotta have a good control environment. What's gonna call you apart is the is the other elements which I spoke man. If Mastercard PERSON can meet ambitious goals for growth in its core business Strategies ORG that are taking payments to the next level such in Mary will deserve a lot of the credit. I'm Lisa Bramoids PERSON . This is Bloomberg PERSON . What do formula one CARDINAL cars and your local supermarket have in common? Well, strange as it sounds, they might both be using the same technology. A lot of innovation has trickle down from the world of high-tech engines and it hasn't just found a new life in F one PRODUCT cars have long been thought of has the peak of cool in technology in them is also helping to cool down our produce aisles engineers from Williams PERSON are using their knowledge from nine CARDINAL constructors championships working with company air foil to help reduce the energy consumption of supermarkets the device they're building is based on the design of an F one Cars PRODUCT rear wing it attaches to fridges to keep more cool air in the unit they estimate it can reduce supermarket energy consumption by 25% PERCENT one innovation from F one PRODUCT is also helping hybrids reduce their carpet footprint that's curse or the kinetic energy recovery system in common parliaments is known as regenerative breaking F one PRODUCT is now looking at hers or a thermal energy recovery system looking to harness the heat produce from breaking and the engine exhaust That could allow cars to generate the same power using 30% PERCENT less fuel. Climate change. We make it very transparent to the shopper before they accept an order. What's your order is gonna look like? How much we're gonna pay them and how much like the consumer is paying them? And so they can decide whether they take an order or is also refuse it. And that's the kind of flexibility that our Really value and the kind of transparency that they want. Are you seeing a labor shortage right now? And what are you doing to combat that? Demographic of shoppers is completely different from food delivery and rate sharing were 70% PERCENT women and half CARDINAL of them moms and that's because of

Hey Facebook is the other one CARDINAL switch at school? If Mastercard PERSON can meet ambitious goals for growth in its core business Strategies ORG that are taking payments to the next level such in Mary will deserve a lot of the credit. Lisa Bromoids PERSON this is Bloomberg PERSON . What do formula one CARDINAL cars and your local supermarket have in common? Well, strange as it sounds, they might both be using the same technology. A lot of innovation has trickled down from the world of high-tech engines and it hasn't just found a new life in road F one PRODUCT cars have long been thought of has the peak of cool in technology in them is also helping to cool down our produce aisles engineers from Williams PERSON are using their knowledge from nine CARDINAL constructors championships working with company air foil to help reduce the energy consumption of supermarkets the device they're building is based on the design of an F Cars LOC rear wing it attaches to fridges to keep more cool air in the unit they estimate it can reduce supermarket energy consumption by 25% PERCENT one innovation from F one PRODUCT is also helping hybrids reduce their carpet footprint that's curse or the kinetic energy recovery system in common parliaments is known as regenerative breaking And works by storing energy of the car to celebrate in a battery for later use. That's not enough. You recovery system looking to harness the heat produce from breaking and the engine exhaust that could allow cars to generate the same power using 30% PERCENT less fuel. Climate change. We make it very transparent to the shopper before they accept an order. What's the order is gonna look like? How much we're gonna pay them and how much like the consumer is paying them? And so they can decide whether they take an order or is also used yet. And that's the kind of flexibility we don't talk is Value ORG is a kind of transparency that they want. Are you seeing a labor shortage right now and what are you doing to to combat that? It's different in different places. All demographic We have 70% PERCENT women and half CARDINAL of them moms and that's because a lot of the job on Instagram NORP is very different and just being in the car with strangers. It's about like going to the store, doing a good job of customer service, of really picking the right products for Humor PERSON and we are seeing that being very appealing to women. Watch Bloomberg PERSON surveillance early edition for the news you need when you need it. Twice as much as possible Can it sustain? Is facing a very different reality. Be ahead of the game. Hey Facebook Access the financial world on demand Hear from leading economists Policy makers. And industry experts be alive and on demand webinars. Only from Bloomberg ORG . Start exploring to see what's moving the markets. Visit Bloomberg PERSON . Com webinars Inflation is a terrible thing. Inflation you could tower. Info PERSON . I don't think it's a currency. I think it's a commodity. Today DATE , we're in an average.

Innovations in the name of speed are helping in the everyday fight against climate change. We make it very transparent to the shopper before they accept an order. What's the order is gonna look like? How much we're gonna pay them and how much like the consumer is paying them? And so they can decide whether they take an order or was also refuse it. And that's the kind of flexibility we don't talk is really Value ORG is a kind of transparency that they want. Are you seeing a labor shortage right now and what are you doing to to combat that? It's different in different places. All demographic of shoppers is completely different from food delivery and write sharing. We have 70% PERCENT women and half CARDINAL of them are moms. And that's because a The job on Instagram NORP is very different and just being in the car with strangers. It's about like going to the store, doing a good job of customer service of really picking the right products for the consumer and we are seeing that being very appealing to women. Watch Bloomberg PERSON surveillance early edition for the news you need when you need it. In New York GPE and Anna Edwards PERSON in London GPE . Australia Central Bank ORG . Surveillance Can it sustain? It's normal at a time when everybody else is facing a very different reality. Be ahead of the game. Welcome to Debbie Australia ORG Hey Access the financial world on demand. Hear from leading economists Policy makers. And industry experts be alive and on demand webinars. Only from Bloomberg ORG . Start exploring to see what's moving the markets. Visit Bloomberg PERSON . Com webinars Inflation is a terrible thing inflation you could tower. Can you think about bitcoin I don't think it's a currency I think it's a commodity today DATE we're in and everything Bob PERSON I'm Francy Laqua PERSON welcome to Bloomberg Front Roll ORG and there will tell is a titan of European NORP banking at UBS ORG he transformed the firm's investment bank he's now the chief executive of major Italian NORP lender only credit over the course of his career or child has had to navigate numerous crisis and now is Different ORG . The most serious conflict in Europe LOC since World War EVENT two CARDINAL rampant inflation and aggressive central bank tightening. Inflation is biting We see for low income or lower income families. Really difficult to deal with a rising custody of energy. The Italian NORP has also faced personal challenges recently including a dramatic and public legal battle with Santander PERSON over their butt to tent to hire him as chief executive. I will always be sorry for how it went this is another bank I admire a lot and that hasn't changed I think for me it was more about Confirming the facts. It was obviously an emotional roller coaster. From a family standpoint it was great impactful. TV interview since becoming chief executive. We talk about his new role at Unaccredit. The impact of the war in Ukraine GPE . The challenges of being Europe LOC 's bank and that sent under a debacle. Here's my conversation with Andrea Alche PERSON . Thank you so much for speaking to Bloomberg PERSON . So, you've been in the job just over a year DATE . Was it everything you hope for? More. Really? Much more. Yes. Not stressful. Stressful but I like stressful I think that what has been great this year DATE is a way you can credit Really welcome me into the organization. It was full of passion, full of warmth, and you feel

What are you doing to to combat that It's different in different places or demographic of shoppers is completely different from food delivery and write sharing with 70% PERCENT women and half CARDINAL of them moms and that's because a lot of the job on Instagram NORP is very different and just being in a car with strangers. It's about like going to the store, doing a good job of customer Service ORG of really picking the right products for the consumer and we are seeing that being very appealing to women. Watch Bloomberg PERSON surveillance earlier edition for the news you need when you need it. Twice as much as Can it sustain? Everybody else is facing a very different reality. Blueberries ORG . Over technology. Access the financial world on demand. Here from leading economists Policy makers. And industry experts be alive and on demand webinars. Only from Bloomberg ORG . Start exploring to see what's moving the markets. Visit Bloomberg PERSON . Com webinars Inflation is a terrible thing. Inflation you could tower. Fall. I don't think it's a currency. I think it's a commodity. Today DATE , we're in an everything boat. I'm Francy Laqua PERSON welcome to Bloomberg Front Roll ORG and there are Chen PERSON is a titan of European NORP banking a UBS ORG he transformed the firm's investment bank he's now achieved executive of major Italian NORP lender only credit over the course of his career or child has had to navigate numerous crisis and now is no Rampant inflation and aggressive central bank tightening. Inflation is biting We see for low income or lower income families. Really difficult to deal with a rising cost of energy. The Italian NORP has also faced personal challenges recently including a dramatic and public legal battle with Santander PERSON over the robot to tempt to hire him as chief executive. I will always be sorry for how it went That hasn't changed I think for me More about The facts. It was obviously an emotional roller coaster. From a family standpoint it was quite impactful. TV interviews since becoming chief executive. We talk about his new role at Una ORG credit. The impact of the war in Ukraine GPE . The challenges of being Europe LOC 's bank and that sent under a debacle. Here's my conversation with Andre Elche ORG . Andre Orchelle PERSON thank you so much for speaking to Bloomberg PERSON so you've been in the job just over a year was it everything you hope for? More. Really? Much more. Yes. Not stressful. Stressful but I like stressful I think that what has been great this year DATE is a way you create it Really welcome near me into the organization. It was full of passion, full of warmth, and you feel Energy of the people around you. People that want a new vision, a new strategy, a new direction, At ready to commit and own the future. It was absolutely outstanding. Did that surprise you or you expecting more sleepy bank? No but I looked at it more from the perspective of a banker numbers when needs to be done or is the value where it's not the value But when you arrive, you see the people and that makes the whole difference. So that's what what makes it more emotional, I guess. Is this a like? Once what what keeps you up?

We have 70% PERCENT women and half CARDINAL of them moms and that's because a lot of the job are in stock is very different and just being in the car with strangers it's about like going to the store doing a good job of customer service of really picking the right products for the consumer and we are seeing Been very appealing to women. Watch Bloomberg PERSON surveillance early edition for the news you need when you need it. In New York GPE and Anna Edwards PERSON in London GPE . Australia Central Bank ORG . Then surveillance for in-depth analysis And Lisa Brown PERSON with some Jonathan Pharoah YPA PERSON front and center. Can it sustain? It's normal at a time when everybody else is facing a very different reality. Be ahead of the game. Hey Facebook Yes. Access the financial world on demand. Hear from leading economists Policy makers. And industry experts be alive and on demand webinars. Only from Bloomberg ORG . Start exploring to see what's moving the markets. Visit Bloomberg PERSON . Com webinars Inflation is a terrible thing inflation you could tower. Info PERSON . I don't think it's a currency. I think it's a commodity. Today DATE , we're in an everything boat. I'm Francy Laqua PERSON welcome to Bloomberg Front Roll ORG and there will is a titan of European NORP banking at UBS ORG he transformed the firm's investment bank he's now the chief executive of major Italian NORP lender only credit over the course of his career or child has had to navigate numerous crisis and now is no different Rampant inflation and aggressive central bank tightening. Inflation is biting We see for low income or lower income families. Really difficult to deal with a rising cost of energy The Italian NORP has also faced personal challenges recently including a dramatic and public legal battle with Santander PERSON over their butt to tent to hire him as chief executive. I will always be sorry for how it went this is another bank I admire a lot and that hasn't changed I think for me it was more about Confirming the facts. It was obviously an emotional roller coaster. From a family standpoint it was great impactful. TV interview since becoming chief executive. We talk about his new role at Una ORG credit. The impact of the war in Ukraine GPE . The challenges of being Europe LOC 's bank and that sent under a debacle. Here's my conversation with Andrea Alche PERSON . Andre Orchelle PERSON thank you so much for speaking to Bloomberg PERSON so you've been in the job just over a year was it everything you hope for more? Really? Much more. Yes. Not stressful. Stressful but I like stressful I think that what has been great this year DATE is a way you can credit Really welcome me into the organization. It was full of passion, full of warmth, and you feel Energy of the people around you. People that want a new vision, a new strategy, a new direction, and that ready to commit an on the future. It was absolutely outstanding. Did that surprise you? Were you expecting more sleepy bank? No but I looked at it more from the perspective of a banker numbers To be done or is the value or it's not the value But when you arrive, you see the people and that makes the whole difference. So, that's what what makes it more emotional, I guess, is this like. What keeps you up at night TIME ? The emotions are now very engaged and you feel a duty and a commitment to the people who are looking up at you to To

Inflation is a terrible thing. Inflation you could tower. Rainfall GPE . I don't think it's a currency. I think it's a commodity. Today DATE , we're in and everything Bob PERSON . I'm Francy Laquat welcome to Bloomberg Front Row and there are Chell ORG is a tighten of European NORP banking a UBS ORG he transformed the firm's investment bank he's now the chief executive of major Italian NORP lender unicredit His career or Chel PERSON has had to navigate numerous crisis and now is no different as the world grapples with the most serious conflict in Europe LOC since World War EVENT two CARDINAL rampant inflation and aggressive central bank tightening. Inflation is biting We see for low income or lower income families. Really difficult to deal with a rising cost of energy. The Italian NORP has also faced personal challenges recently including a dramatic and public legal battle with Santander PERSON over the robot to Kent ORG to hire him as chief executive. I will always be sorry for how it went. This is another bank I admire a lot and that hasn't changed I think for me More about The facts. It was obviously an emotional roller coaster. From a family standpoint it was quite impactful. TV interviews since becoming chief executive. We talk about his new role at Unaccredit. The impact of the war in Ukraine GPE . The challenges of being Europe LOC 's bank and that sent under debacle. Here's my conversation with Andre Alche PERSON . Andre Orchelle PERSON thank you so much for speaking to Bloomberg PERSON so you've been in the job just over a year was it everything you hoped for more? Really? Much more yes. Not stressful. Stressful but I like stressful I think that what has been great this year DATE is a way you create it Really welcome to me in two CARDINAL of the organization. It was full of passion, full of warmth, and you feel Energy of the people around you. People that want a new vision and new strategy, a new direction, At the ready to commit and own the future. It was absolutely outstanding. Did that surprise you? Were you expecting more sleepy bank? No but I looked at it more from the perspective of a banker numbers What needs to be done or is the value where it's not the value But when you arrive, you see the people and that makes the whole difference. So, that's what what makes it more emotional, I guess, is this like What keeps you up at night TIME ? Well, the emotions are now very engaged And you feel a duty and a commitment to the people who are looking up at you to To take my ministers and direction And that I think puts a lot of weight on your shoulders. Russia GPE is one CARDINAL of the top three CARDINAL in Europe LOC how do you deal with the employees in Russia GPE with your subdride in Russia GPE Well, first ORDINAL of all, frost, it's important to understand that We have to remember that 95% PERCENT of the bank is not in Russia GPE . No And we cannot commit the mistake of spending the entire time on Russia GPE where our emotion and the shock that we have taken Is probably driving us to do. So what we have done is we have a situation room that is fully committed to do that. We've all been skill sets but we need from legal to tax to accounting to everything else. And they work on managing our exposure towards Russia GPE . The rest of the team is 105% PERCENT to 110% PERCENT focus on running the rest of the of the equation. When I look at Russia GPE separating it there are two CARDINAL orders of effects that we look at. One is a Shot. Exposure to Russia GPE I think that in the last 2 months DATE We have a chip to reduce its meaningfully by about two 1 billion MONEY we've done that actually the team has done a great job without that costing the bank almost anything which was not to be expected And at the same time we have understood very well and in a granular way what the risks are And we think that in Q one we took a very conservative set of provisions to try and insulate ourselves the most possible from the further effect from a degeneration of that situation. The provisions were quite